NEW: Members of the United Auto Workers Union have voted against a tentative agreement that would have ended the ongoing strike of more than 10,000 John Deere workers.
An apparent shortage of workers accepting low-wage jobs has left many major companies reeling for staff and has been linked to the spate of strikes that have rocked the private sector in recent weeks. The labor crunch -- combined with recent record-high rates of people quitting their jobs and record-high job openings, per Bureau of Labor Statistics data -- have resulted in workers gaining new leverage as they seek to bargain for better pay or working conditions.
There would have also been improved retirement benefit options and no changes to the cost of their health insurance.The UAW on Oct. 14 rejected a contract offer that would have offered a ratification bonus of $3,500 and immediate raises of 5% to 6%. John Deere, meanwhile, confirmed in a statement on its website that a second tentative agreement on a labor contract had been reached with the union and that the"UAW will call for a vote on the new tentative agreement."
. This would make the ratio of the CEO’s total compensation to a median employee's total compensation in 2020 approximately 220 to 1, the SEC filing states.Members of the United Auto Workers strike outside of a John Deere plant on Oct. 20, 2021, in Ankeny, Iowa.
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