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<blockquote data-quote="Weather Man" data-source="post: 16829159" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3890033-italian-unions-demand-wage-increases-from-stellantis-ferrari?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Italian unions demand wage increases from Stellantis, Ferrari</a></h3><p><a href="https://seekingalpha.com/symbol/STLA?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">STLA -0.80%</a>Oct. 10, 2022 10:33 AM ET<a href="https://seekingalpha.com/news/3890033-italian-unions-demand-wage-increases-from-stellantis-ferrari?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments" target="_blank">6 Comments</a></p><p></p><p>Stellantis (NYSE:<a href="https://seekingalpha.com/symbol/STLA" target="_blank">STLA</a>), Ferrari (<a href="https://seekingalpha.com/symbol/RACE" target="_blank">RACE</a>), Iveco (<a href="https://seekingalpha.com/symbol/IVCGF" target="_blank">OTCPK:IVCGF</a>) and CNH Industrial (<a href="https://seekingalpha.com/symbol/CNHI" target="_blank">CNHI</a>) are among European automakers in the crosshairs of unions asking for increased wages in new contracts.</p><p></p><p>Citing rampant inflation on the European continent, the Italian Union of Metalworkers (UILM) demanded wage increases commensurate with the rising cost of living. The union stated that this equates to an 8.4% wage increase in 2023 when contracts are renegotiated.</p><p></p><p>“Protecting wages from inflation is today of absolute importance, for reasons of both social justice and overall economic stability,” Rocco Palombella, general secretary of UILM, and Gianluca Ficco, national secretary Uilm responsible for the automotive sector, said on Monday. “Otherwise, in fact, not only employees would face rapid impoverishment, but Italy would sink into a vicious circle that bears the name of austerity and which in the end inevitably leads to crisis and bankruptcy.”</p><p></p><p>The projected increases are slated to impact 70K workers at Stellantis specifically. Stellantis recently slated <a href="https://www.euronews.com/next/2022/10/07/semiconductors-stellantis-italy" target="_blank">production pauses at a major factory in Italy</a> amid shortages.</p><p></p><p>"We are aware of the difficulties of the industrial, economic and political context we are going through, of the delicate challenges posed in the automotive sector by the energy transition, but we cannot and do not want to accept that these difficulties are fully discharged onto the workers' shoulders,” the pair concluded.</p><p>Read more on UBS’ <a href="https://seekingalpha.com/news/3889935-ford-gm-downgraded-at-ubs-amid-expected-demand-destruction" target="_blank">pessimistic view of automakers heading into 2023</a>.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16829159, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3890033-italian-unions-demand-wage-increases-from-stellantis-ferrari?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Italian unions demand wage increases from Stellantis, Ferrari[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/STLA?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']STLA -0.80%[/URL]Oct. 10, 2022 10:33 AM ET[URL='https://seekingalpha.com/news/3890033-italian-unions-demand-wage-increases-from-stellantis-ferrari?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments']6 Comments[/URL] Stellantis (NYSE:[URL='https://seekingalpha.com/symbol/STLA']STLA[/URL]), Ferrari ([URL='https://seekingalpha.com/symbol/RACE']RACE[/URL]), Iveco ([URL='https://seekingalpha.com/symbol/IVCGF']OTCPK:IVCGF[/URL]) and CNH Industrial ([URL='https://seekingalpha.com/symbol/CNHI']CNHI[/URL]) are among European automakers in the crosshairs of unions asking for increased wages in new contracts. Citing rampant inflation on the European continent, the Italian Union of Metalworkers (UILM) demanded wage increases commensurate with the rising cost of living. The union stated that this equates to an 8.4% wage increase in 2023 when contracts are renegotiated. “Protecting wages from inflation is today of absolute importance, for reasons of both social justice and overall economic stability,” Rocco Palombella, general secretary of UILM, and Gianluca Ficco, national secretary Uilm responsible for the automotive sector, said on Monday. “Otherwise, in fact, not only employees would face rapid impoverishment, but Italy would sink into a vicious circle that bears the name of austerity and which in the end inevitably leads to crisis and bankruptcy.” The projected increases are slated to impact 70K workers at Stellantis specifically. Stellantis recently slated [URL='https://www.euronews.com/next/2022/10/07/semiconductors-stellantis-italy']production pauses at a major factory in Italy[/URL] amid shortages. "We are aware of the difficulties of the industrial, economic and political context we are going through, of the delicate challenges posed in the automotive sector by the energy transition, but we cannot and do not want to accept that these difficulties are fully discharged onto the workers' shoulders,” the pair concluded. Read more on UBS’ [URL='https://seekingalpha.com/news/3889935-ford-gm-downgraded-at-ubs-amid-expected-demand-destruction']pessimistic view of automakers heading into 2023[/URL]. [/QUOTE]
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