Spanish metalworkers call off strike after pay rise deal

→ AI finds its first serious application (From Wall Street Star) (Ad)

Protesters, left, march during a strike organized by metal workers in Cadiz, southern Spain, Tuesday, Nov. 23, 2021. (AP Photo/Javier Fergo)

MADRID (AP) — Trade unions representing metalworkers in the southern Spanish province of Cadiz called off a nine-day strike and workers began returning to their jobs Thursday after reaching a pay agreement with employers covering the next three years.

Workers had demanded a pay rise in line with the surging inflation rate, which in October stood at 5.5%.

The agreement states that salaries will rise by 2% each year through December 2023. In addition, if inflation is higher than that, employers will pay 80% of the difference between the 2% and the inflation increase.

José Muñoz, general secretary of the Cadiz Metalwork Employers group, told public broadcaster RTVE, “We are satisfied, and so are the unions.”

Juan Linares, the provincial head of the industrial department of the CCOO union, one of Spain’s largest, said: “We are happy. At the end of the road, in the whole process, which lasts three years, the workers do not lose purchasing power.”

The agreement was approved by workers in a ballot.

The open-ended strike began Nov. 16, with street protests at times turning violent as riot police clashed with strikers and their supporters.

Hundreds of jobs have also been lost in the province of Cádiz, which has an unemployment rate of 23%, one of Spain’s highest.

Most of the employment in the province’s metal sector is in shipbuilding. Trade unions have deep roots in Cádiz, a blue-collar city of 116,000 people located on the coast near the Strait of Gibraltar.

→ AI finds its first serious application (From Wall Street Star) (Ad)

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

5G Stocks: The Path Forward is Profitable Cover

Click the link below and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.

Get This Free Report

Featured Articles and Offers

Search Headlines: