Fourteen Hollywood-based locals representing over 38,000 members of IATSE have ratified a new basic agreement with film and TV producers, the union announced Tuesday.
The three-year contract, which will go into effect August 1, comes after negotiations that began March 7 and concluded April 12.
Also read: IATSE, AMPTP Reach Agreement
The deal calls for 2 percent annual wage increases compounded, a gain of just over 8 percent by the time the contract ends in 2015. The 2 percent hike is in line with the most recent deals producers cut with the Directors Guild and the Screen Actors Guilds.
“This is a strong contract at a time when unions in both the public and private sectors are under fire nationwide," IA President Matthew D. Loeb said in a statement. "We have protected our members in all the areas we cover and look forward to keeping our members working. We exceeded standards significantly, especially in health contributions.”
The deal calls for the producers to increase their health plan contribution rate by 20 percent, which the union estimates that will result in a gain of about $225 million to the health and pension plans, which had been facing a serious shortfall.
The International Association of Theatrical and Stage Employees represents members employed in the stagecraft, motion picture and television production, and trade show industries in the United States and Canada.