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Fiat Chrysler, Ferrari renew job contracts for Italy workers

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Fiat Chrysler, Ferrari renew job contracts for Italy workers
FILE PHOTO - Fiat Chrysler Automobiles (FCA) headquarters are seen in Turin, Italy, July 21, 2018. REUTERS/Massimo Pinca   -   Copyright  MASSIMO PINCA(Reuters)
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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 (4.3 billion pounds) 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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