John Deere Reports $6 Billion Profit After Union Fight

Image of the article titled John Deere makes $6 billion in profit after workers fight over low wages

Photo: Mark Hirsch (Getty Images)

John Deere has spent the past few months feeding the lines about supposedly big wages and benefits while 10,000 factory workers have gone on strike for five weeks. Now that a contract agreement has been reached with the guild, she can breathe easy and earnings release! $6 billion so far, including $7 billion at the end of the year horizon. ThisAlready doubling its profits from last year. some of this from Charging farmers Plus its spare parts. Some are caused by not paying workers a little more than this comfortable surplus.

Union-approved final contract, close to Deere’s previous “best final bid”, awards 10% Wage increases in 2021 and 20% It generally raises in four years. That sounds great, until you know that 10% An increase may mean pushing bumps from Less than 4000 dollars for some long time workers. John Deere said that, On average, employees have already made about $60,000; Work reporter Jonah Foreman He said This is just an alternate reality, considering the usual months-long layoffs without pay.

Employees are supposed to earn a decent salary through performance-based increases, but those increases aren’t guaranteed, says Foreman, since they’re tied to the entire department that meets the 115% of its ever-increasing share.

In a press release about John Deere’s finances for 2021, Chairman and CEO John C. May said the contract represents our “continued commitment to providing best-in-class pay and benefits.” That’s right for him: TThe company gave him more than that 150% lift Last year to 15.5 million dollars.

For everyone else, we know that thousands of workers strike only when things are so awful that losing a month and a half of pay and putting your income on the line seems like the best option for your future.

Gizmodo was unable to reach John Deere for comment. We’ll update the post if we hear back.

.

Must Read

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here