Stellantis and the UAW resumed negotiations today. The discussion was constructive and focused on where we can find common ground to reach an agreement that provides a bridge to the future by enabling the Company to meet the challenges of electrification. Together with the UAW, we have the opportunity to establish a framework in this contract that will allow the Company to be competitive during this historic transformation and bring our workforce along on this journey. This includes identifying a solution for Belvidere, something we have been committed to from the beginning and a discussion we want to continue with the UAW.
Our most recent economic offer was a compelling and strong package – nearly 21% in compounded raises for hourly employees, an inflation protection measure, reduction of tiers from eight years to four and $1 billion in retirement funding – all of which would greatly improve the financial outlook for our employees across all categories and for generations to come. It is also a responsible offer that allows us to meet our obligations in support of a greener future.
We continue to listen to the UAW to identify where we can work together and will continue to bargain in good faith until an agreement is reached. We look forward to getting everyone back to work as soon as possible.