MILAN -- Italy's largest automotive groups, led by Fiat-maker Stellantis, and unions signed an agreement for a 6.5 percent salary increase from this month for workers at their Italian operations to counter the effects of soaring inflation.
Wages will increase by a further 4.5 percent from January next year. Workers will also receive a one-off sum totaling 600 euros ($632), including benefits, to be paid in three tranches this year, UILM and FIM-CISL unions said in statements, setting out the deal.
The agreement covers almost 70,000 workers at Stellantis, Ferrari, Iveco and CNH Industrial, all of which have their roots in the former Fiat group, and comes from talks that started at the end of October.
The pay increases, aimed at helping workers hit by a Europe-wide spike in consumer price inflation, form the core of a wider deal to renew four-year contracts that expired at the end of 2022 for most Italian employees at the four manufacturers.
Rocco Palombella and Gianluca Ficco of UILM said the agreement met the goals unions had set to "safeguard purchasing power."