NEWPORT NEWS, Va., March 14, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that United Steelworker members at its Newport News Shipbuilding (NNS) division voted 1,914-104 in favor of a new contract. The current contract expired at midnight on March 10. The new contract took effect March 11 and will run through July 9, 2017.
- Wages: On day one, all represented employees receive 3.5 percent increases. The next 13-month increment will be a 3 percent increase, followed by a 3.5 percent increase for each of the last two 13-month periods of the contract. This translates to a 14.2 percent increase over the life of the contract, which averages to a 3.1 percent increase per year per employee.
- Shift differential (additional pay for work shifts outside a standard day shift) : Increases 25 cents to $1.50, effective immediately.
- Pension: For employees hired on or before June 6, 2004, who retire at age 62 with 30 continuous years of service, the monthly pension increases to $1,450 starting Aug. 1. In addition, there will be a $25 per year supplement given to employees for each year of credited service after 30 years. The monthly pension increases to $1,550 beginning Aug. 1, 2015, and the yearly supplement will increase to $30 per year for each year of credited service after 30 years. For example, an employee with 35 years of credited service on Aug. 1, who qualifies for the $1,450-per-month pension, will receive $1,575 per month. NNS will continue to provide a Pension Earning Plan benefit for employees hired on or after June 7, 2004. Pension benefits are calculated by a formula based on a percentage of eligible earnings. The monthly benefit is generated by company contributions equivalent to 5 percent of total compensation.
- Medical benefits: Maintained current premium cost-sharing for current and future years. Through some plan redesign, employee premiums were decreased for the July 2013-June 2014 plan year with an agreement on a new renewal rate methodology.
- Paid sick or personal leave: Employees who miss less than six hours during a calendar quarter will earn eight hours of sick or personal time. Employees who have perfect attendance in a calendar quarter can earn 10 hours of sick or personal time.
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