Joliet Caterpillar Workers Approve New Contract

August 17, 2012

Caterpillar bumped its ratification bonus to $3,100 from $1,000, and union workers in its Joliet, Ill., hydraulics plant agreed to a six-year contract on Friday.

The deal eliminates the pension plan and replaces it with a 401(k) plan, freezes the hourly pay of workers hired prior to 2005, and shifts more of the costs of health care to the workers.