Caterpillar workers ratify new 6-year contract with company

IRVING, Texas (AP) — Unionized workers at Caterpillar Inc. have approved a new six-year contract with the company that includes a $6,000 ratification bonus, 19% in pay raises and 8% worth of lump-sum payments.Members of the United Auto Workers union approved the deal over the weekend that covers 7,000 employees in Central Illinois and York, Pennsylvania. The new contract is effective immediately.Workers will get 7% pay raises immediately, plus 4% general wage increases in March of 2025, 2027 and 2028. They'll also get 4% lump-sum payments in March of next year and in 2026.The Irving, Texas, company also agreed not to close any factories for the life of the agreement. By the end of the agreement, workers hired after 2005 will be on the same wage schedule as those hired before 2005, the company said.Workers also got larger night shift premiums, and an increased match in the 401(k) plan.