Nissan Motor Co Ltd (OTC:NSANY) is reportedly planning a 10% increase in wages for its U.S. manufacturing plant workers, effective from January 8th, following the signing of United Auto Workers (UAW) union's new contracts with the Detroit Three automakers.

The wage increase will benefit approximately 9,000 U.S. workers, including production technicians, maintenance, and tool & die technicians, reported Reuters.

The report added that Nissan has also decided to eliminate wage tiers for its U.S. production workers.

Nissan's decision comes in the wake of similar announcements by other automakers, including Hyundai Motor Company (OTC:HYMTF), Toyota Motor Corp (NYSE:TM), and Honda Motor Co Ltd (NYSE:HMC).

Over the past three years, Nissan has incrementally increased wages by 12%-18.5% at its three manufacturing sites, as per the report. 

Also Read: Tesla Marks Biggest Jump In New Vehicle Registrations In October Amongst Automakers In EU

Price Action: NSANY shares traded lower by 1.38% at $7.87 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.