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Do IT this week: Layering
Deal offers two-tier wage, benefit system
By Jim Mackinnon
Beacon Journal business writer
POSTED: 06:16 p.m. EST, Nov 02, 2009
The new contract approved by more than 1,300 of the Timken Co.'s Canton-area Steelworkers should help the company remain competitive while also addressing workers' current needs, the company and union said today.
The United Steelworkers, who make high-quality steel and bearings for Timken, overwhelmingly approved a four-year contract that runs through the early fall of 2013.
The vote was 1,320 to 280, according to Steelworkers Local 1123, which represents about 2,300 hourly workers at Timken. Workers ratified the contract Sunday.
Timken and Local 1123 started talks on Aug. 25 and reached a tentative agreement on Oct. 15. The old contract expired Sept. 28 but was extended during negotiations.
The new contract, which expires on Sept. 30, 2013, allows a two-tier wage and benefits system. New hires initially will be paid less per hour than current workers and also receive different benefits.
The contract calls for no pay raise the first year, then 2 percent raises in each of the remaining three years, said Joe Hoagland, president of Local 1123.
Although new hires will initially be paid less than current workers, all will be at the same pay scale by the fourth year, he said. Hoagland declined to release pay scale figures, but he said hourly rates are in line with what others make in the industry.
New Steelworker hires will receive different health-care and pension plans than current workers, Hoagland said.
''We still have our fine benefit plan,'' he said. Workers retain a pension and the company agreed to pay a $5,000 lump sum bonus to workers when they retire, he said.
Hoagland estimated that 600 to 700 workers will be eligible to retire over the life of the new contract.
The two sides initially were far apart in proposals when bargaining began in the summer, Hoagland said.
''We got a lot done the last two days,'' he said.
''We are very pleased the agreement has been ratified as recommended by both company and union leaders. The new contract is good for our associates, families, our community and the company,'' the Timken Co. said in a statement. ''Together, we're working toward a common goal: to earn our customers' business with the best overall value, ahead of the competition.''
The contract terms reflect the reality of the current economy as well as looking ahead, Timken spokeswoman Lorrie Paul Crum said.
The contract very much tries to balance current needs and respect current workers while taking a long economic view that will help the company stay competitive, she said.
''I think it was a well-negotiated compromise,'' Crum said.
The new contract provides good wages, health care and retirement benefits for current workers as well as any new hires, she said.
Shares of Timken closed down 9 cents to $21.94 today. Assuming reinvested dividends, shares are up 44 percent from a year ago and up 141/2 percent in 2009.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
The new contract approved by more than 1,300 of the Timken Co.'s Canton-area Steelworkers should help the company remain competitive while also addressing workers' current needs, the company and union said today.
The United Steelworkers, who make high-quality steel and bearings for Timken, overwhelmingly approved a four-year contract that runs through the early fall of 2013.
The vote was 1,320 to 280, according to Steelworkers Local 1123, which represents about 2,300 hourly workers at Timken. Workers ratified the contract Sunday.
Timken and Local 1123 started talks on Aug. 25 and reached a tentative agreement on Oct. 15. The old contract expired Sept. 28 but was extended during negotiations.
The new contract, which expires on Sept. 30, 2013, allows a two-tier wage and benefits system. New hires initially will be paid less per hour than current workers and also receive different benefits.
The contract calls for no pay raise the first year, then 2 percent raises in each of the remaining three years, said Joe Hoagland, president of Local 1123.
Although new hires will initially be paid less than current workers, all will be at the same pay scale by the fourth year, he said. Hoagland declined to release pay scale figures, but he said hourly rates are in line with what others make in the industry.
New Steelworker hires will receive different health-care and pension plans than current workers, Hoagland said.
''We still have our fine benefit plan,'' he said. Workers retain a pension and the company agreed to pay a $5,000 lump sum bonus to workers when they retire, he said.
Hoagland estimated that 600 to 700 workers will be eligible to retire over the life of the new contract.
The two sides initially were far apart in proposals when bargaining began in the summer, Hoagland said.
''We got a lot done the last two days,'' he said.
''We are very pleased the agreement has been ratified as recommended by both company and union leaders. The new contract is good for our associates, families, our community and the company,'' the Timken Co. said in a statement. ''Together, we're working toward a common goal: to earn our customers' business with the best overall value, ahead of the competition.''
The contract terms reflect the reality of the current economy as well as looking ahead, Timken spokeswoman Lorrie Paul Crum said.
The contract very much tries to balance current needs and respect current workers while taking a long economic view that will help the company stay competitive, she said.
''I think it was a well-negotiated compromise,'' Crum said.
The new contract provides good wages, health care and retirement benefits for current workers as well as any new hires, she said.
Shares of Timken closed down 9 cents to $21.94 today. Assuming reinvested dividends, shares are up 44 percent from a year ago and up 141/2 percent in 2009.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
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