Union calls for strike at STMicroelectronics

As of yesterday, three of the main ST unions (CAD, CFDT and CGT) have gone on strike, and this regards all ST sites in France, a press release from CAD reads. The trade union says that on October 28, 2020, the management of STMicroelectronics showed “and incredible contempt for the employees of ST and their work by not recognizing the efforts made by the employees by deciding not to increase them this year, with exceptions.” The union points to the fact the decision not to increase salaries was made despite the exceptional results the company has recorded in 2020 and the current positive forecast. CAD says that it is apparent that the management funds its measures against COVID-19 via its employees. “Management justifies this non-increase, among other things, by the 16.9 million additional costs due to anti-COVID measures, including 6.4 million euros for COVID premiums and compensation in the factory,” the press release continues. Which CAD takes as a confirmation that these bonuses distributed during confinement would be recovered from the wages of all employees, and in particular from the wages of other employees who do not work in the factory. At the same time, the CGT union specifies in one of its last public communications that the 100 senior executives of ST in France receive on average around EUR 200’000 per year with EUR 50’000 in free shares. In STMicroelectronics third quarter report, CEO and president Jean-Marc Chery, said that; “For the full year 2020, we now expect net revenues at the mid-point to be about $9.97 billion, translating into 4.3% year-over-year growth, with a double-digit operating margin performance.”