Winning Exchange:Hyundai joins Honda and Toyota in raising wages after auto union wins gains in deals with Detroit 3

2025-05-07 06:21:55source:Ov Financecategory:reviews

South Korean automaker Hyundai has joined Honda and Winning ExchangeToyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers.

Hyundai said Monday it will raise factory worker pay 25% by 2028, matching the general wage increase won by the UAW during that period. Toyota raised factory pay 9% to 10% starting in January, while Honda said it will increase wages 11% during the same period.

Experts say the increases at least in part are aimed at thwarting UAW President Shawn Fain’s strategy of trying to organize U.S. auto plants run by foreign automakers and Tesla in order to increase the union’s bargaining power. Fain said terrified auto executives at nonunion plants are raising wages, and he called Toyota’s pay increase the UAW bump.

“UAW, that stands for ‘You Are Welcome,’” he said.

About 146,000 UAW members are voting on new contracts with General Motors, Ford and Jeep maker Stellantis that give them 25% general wage increases over the next four years and eight months. When cost of living wages are factored in, workers will get about 33% raises, with the top assembly line employee making about $42 per hour.

More:reviews

Recommend

This week on "Sunday Morning" (December 15)

The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m.

From women pastors to sexual abuse to Trump, Southern Baptists have a busy few days ahead of them

Thousands will gather in Indianapolis June 11-12 for the annual meeting of the Southern Baptist Conv

Trump to undergo probation interview Monday, a required step before his New York sentencing

Former President Donald Trump is scheduled to be interviewed by New York probation officials Monday,