© Reuters. FILE PHOTO: The General Electric logo is pictured on working helmets during a visit at the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/File Photo/File Ph
(Reuters) – General Electric (NYSE:GE) Co’s workers have ratified a two-year contract extension that provides for a 12% rise in wages, their union said on Wednesday.
The contract extension, which covers about 3,000 American workers of GE, will also ensure labor protections after the spinoff of the company’s aerospace and energy divisions, according to the International Union of Electric Workers – Communications Workers of America (IUE-CWA).
GE is set to separate its aerospace and energy businesses in early 2024 to become GE Aerospace and GE Vernova, respectively.
The contract extension will take effect on July 1 and continue through June 22, 2025.
Separately, eight local unions that together cover about 400 employees also ratified contract extensions with the company, GE said on Tuesday.