Union workers at Fort Worth-based Lockheed Martin Aeronautics Co. have voted to ratify a new contract that includes wage increases between 4% and 6%, increased vacation time, and no mandatory overtime schedules. The contract also includes a $6,000 bonus and improvements to retirement benefits.
Contract Details
The new agreement, which covers about 4,000 members of the International Association of Machinists and Aerospace Workers District 776, starts June 15 and is in effect through June 18, 2030. Union officials said members fought hard for a worthy contract, with no takeaways and improvements on top issues.
The contract negotiations have continued since mid-March, and the new agreement also covers IAM Union members at Edwards Air Force Base in California and Naval Air Station Patuxent River in Maryland. Last month, Lockheed Martin Aeronautics received an $879 million order from U.S. defense officials, one of four major defense contracts awarded to the company or its parent Lockheed Martin Corp. in late May.
The F-35 program supports more than 254,000 jobs through 1,800 suppliers across 48 states and Puerto Rico. The new contract is a significant development for the local economy, with Lockheed Martin being a major employer in the Fort Worth area.
Original reporting: Fort Worth Report — read the source article.
