Investing
Toyota hiking wage of U.S. factory workers after UAW labor deals
© Reuters. FILE PHOTO: A Toyota Logo is seen at a Toyota dealership in Zaventem, Belgium, November 25, 2022. REUTERS/Johanna Geron/File Photo
(Reuters) – Toyota Motor (NYSE:) said Wednesday it is raising the wages of non-union U.S. factory workers just days after the United Auto Workers union won major pay and benefit hikes from the Detroit Three automakers.
The largest Japanese automaker is also cutting the amount of time needed for U.S. production workers to reach top pay from eight years to four years, according to a document published by the publication Labor Notes and confirmed by Reuters. “We value our employees and their contributions, and we show it by offering robust compensation packages that we continually review to ensure that we remain competitive within the automotive industry,” said Toyota Motor North America executive vice president Chris Reynolds in a statement.
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