Fiat Chrysler, Ferrari renew job contracts for Italy workers

March 11, 2019

MILAN (Reuters) – Fiat Chrysler (FCA) has reached an agreement with trade unions to renew the contract for 66,000 of its workers in Italy, the Italian-American carmaker said on Monday.

The agreement, which will run until 2022, includes a 2 percent salary increase per year and a boost to the annual performance-based bonus linked to achieving productivity and efficiency goals.

FCA said in November it would spend more than 5 billion euros ($5.61 billion) on new models and engines in Italy over the next three years to try to make better use of factories and boost jobs and margins.

In a separate note, luxury group Ferrari said it had also signed an agreement with unions to renew its contract for all workers in Italy until 2022.

(Reporting by Giulio Piovaccari; editing by Agnieszka Flak)

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