SCHENECTADY – The union representing the largest number of General Electric workers ratified a contract with the company Tuesday that would give workers a 12% pay increase.
On top of the wage raise the contract includes a successorship clause that “ensures the preservation of these hard fought gains, as well as union recognition and rights, at the spin-off companies,” a press release from the union reads.
In late 2021, GE announced the company would be splitting into three separate entities.
The GE Power business, which has a major presence in Schenectady, will be called GE Vernova and also consists of GE Renewable Energy, GE Digital and GE Energy Financial Services. It is expected to be spun off in early 2024.
The aviation portion of GE will become GE Aerospace and the healthcare portion of the company was spun off into GE Healthcare.
The ratified contract also ensures the same benefits from the union’s prior contract.
Union Conference Board Chairperson Jerry Carney called the ratification of the contract a “major accomplishment.”
“We have secured greater job security for our members, and this agreement provides peace of mind as General Electric undergoes its split into two separate entities,” Carney said.
GE head of North American labor relations Bill Bussa, in a statement, cited the wages and benefits in the plan.
“This agreement provides our employees with wage increases along with competitive benefits to ensure we continue to attract and retain top talent, while providing clarity and a stable environment for the company as we approach the planned separation of GE Aerospace and GE Vernova,” Bussa’s statement read.
The extension takes effect July 1 and continues through June 22, 2025, according to the release.
Hundreds union members from all over the country protested in front of the company’s Schenectady plant in October. Local workers and others from as far away as Kansas and Kentucky participated in the rally.
In a letter to union members, the Conference Board said their actions over the last several months enabled the changes and called on union members to continue those efforts as they begin to look at 2025 negotiations.
“Without our collective efforts we couldn’t have achieved this success,” Carney said. “It’s important to take a moment to celebrate this victory, but we must also remain committed to organizing and mobilizing for further improvements in the near future.”
Reporter Shenandoah Briere can be reached at [email protected].