Lockheed Martin Collective Bargaining Agreement 2018: What You Need to Know

Lockheed Martin is one of the world`s largest aerospace and defense companies, with operations in 50 countries and over 100,000 employees. As a major employer, the company`s collective bargaining agreements (CBAs) with its unions play an important role in shaping labor relations and working conditions. In 2018, Lockheed Martin negotiated new CBAs with several of its key unions, which will have significant implications for its workforce. Here`s what you need to know about the 2018 Lockheed Martin collective bargaining agreement.

Which Unions are Involved?

The 2018 CBA negotiations involved several of the largest unions representing Lockheed Martin employees, including the International Association of Machinists and Aerospace Workers (IAM), the International Brotherhood of Teamsters (IBT), the United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), and the United Steelworkers (USW).

What are the Key Provisions of the CBAs?

While each union`s CBA may vary somewhat, there are several key provisions that are common to most of the 2018 agreements.

Wage Increases: Most CBAs include wage increases of 3% or higher each year of the contract. This is a significant boost to workers` earnings, and reflects the company`s robust financial performance over the past several years.

Retirement Benefits: Many CBAs include improvements to retirement benefits, such as increased 401(k) matching contributions and enhanced pension benefits. These enhancements help ensure that workers can retire with confidence and security.

Healthcare: Healthcare costs are a major concern for many workers, and the CBAs address this issue through improved healthcare benefits and cost-sharing arrangements. Many agreements also include provisions for mental health and wellness benefits, recognizing the importance of these issues to workers` overall wellbeing.

Job Security: Job security is a critical concern for workers in any industry, and the CBAs address this issue through provisions like no-layoff clauses, job security committees, and training programs to help workers develop new skills and stay competitive in a changing industry.

What are the Benefits of These Agreements?

The new CBAs provide significant benefits to both workers and the company. For workers, the wage increases and improved benefits help reduce financial stress and increase job satisfaction. The enhanced retirement benefits and job security provisions provide workers with greater peace of mind and financial security. For the company, the CBAs help ensure a stable, well-trained workforce that can meet the demands of a rapidly-changing industry. The agreements also help prevent costly strikes and labor disputes that can disrupt operations and damage the company`s reputation.

In Conclusion

The 2018 collective bargaining agreements between Lockheed Martin and its unions represent a key milestone in the company`s relationship with its workforce. By providing significant wage increases, improved retirement and healthcare benefits, job security provisions, and more, the CBAs help ensure a stable and satisfied workforce that can help the company remain competitive in a rapidly-changing industry. As a copy editor with SEO experience, it`s important to include key search terms throughout the article – phrases such as “Lockheed Martin,” “collective bargaining agreement,” and “2018.” This will help improve the article`s search engine ranking and make it more visible to people searching for information on the topic.