(Reuters) -Union members at General Dynamics (NYSE: GD )’ Electric Boat submarine-making unit have voted to ratify a new contract, the United Auto Workers said on Wednesday.
The union, representing over 2,400 marine drafters at Electric Boat, said 85% voted in favor of the ratification of the new five-year agreement which secures a 30% wage increase over the life of the contract and an improved wage progression.
In total, members will see a cumulative $115,000-per-member increase in total compensation during the agreement, UAW said.
The ratification comes over a month after members authorized a strike, demanding cost-of-living adjustments (COLA) to keep up with inflation.
Electric Boat is a part of the defense contractor’s marine systems segment, which assembles nuclear-powered submarines for the U.S. Navy.