HomeAutomobileRenault offers an increase “above inflation” to its employees

Renault offers an increase “above inflation” to its employees

After revealing historic results, the automaker announced that it was proposing a 4.5% increase in its employees’ compensation following mandatory annual negotiations, which ended on Thursday, February 15.

Renault proposed a 4.5% increase in the remuneration of its employees following mandatory annual negotiations (NAO) for 2024, concluded on Thursday evening. The union organizations have until February 27 to sign the agreement.

This proposed 4.5% increase affects the group’s 30,000 employees in France and is “higher than inflation, which is 3.6% in France (without tobacco),” says Renault. About 0.5% of the increase is due to the new national collective agreement for the metal industry.

Luca de Meo, CEO of Renault – 02/15

21:23

In detail, this increase would mean a general increase of 2.5% for the first categories and an individual increase of 1.5%. Executives would have an individual increase of 4% to which a variable portion would be added.

Measures “neither historical nor exceptional”

A proposal that “is part of a global remuneration policy”, according to the French manufacturer, which advances “a historic level of profit sharing in 2024 of 4,000 euros for all employees.”

“Measures that are neither historic nor exceptional, while the year 2023 was historic and exceptional,” the Force Ouvrière union, which will not be able to sign the agreement, told AFP.

The French manufacturer confirmed its return to the track in 2023 after difficult years by publishing on Wednesday evening a net result (group share) of almost 2.2 billion euros and a turnover of 52.4 billion euros, an increase of 13, 1% in one year.

New employee participation plan

Renault also announced that a new shareholding plan will be offered to employees in 2024 and highlights that 5.25% of the company’s share capital is in the hands of employees. The manufacturer aims to reach 10% in 2030.

In 2023, Renault proposed a budget increasing by 7.5% to support the purchasing power of its employees, guaranteeing an average increase of 110 euros net per month for each employee.

Author: CT with AFP
Source: BFM TV

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