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Aston Martin to raise UK workers' annual pay by 4%

The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon

(Reuters) - British luxury carmaker Aston Martin said on Monday it would raise annual pay by 4% for more than 2,500 employees and contractors across its UK manufacturing sites and offices for 2024 and 2025.

Manufacturing technicians at the London-listed company will also receive a 1.5% rise in 2025, alongside a one hour reduction in the working week, it said.

All eligible employees will also receive a one-off payment of 1,000 pounds ($1,271.60) due to the continued high cost of living, Aston Martin added.

"Following lengthy negotiations between Unite the Union and Aston Martin Lagonda, Unite members have voted in large majority to accept the two-year pay deal," a spokesperson for Unite said in the statement.

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The pay deal comes as Aston Martin stopped production of old models ahead of a ramp-up of production of fresh models later this year.

($1 = 0.7864 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Eileen Soreng)