Union members ratified a new contract with Lockheed Martin Corp. at their plant in Texas that manufactures the F-35 fighter jet. The new contract is valid for four years and two months and includes wage hikes and improved retirement benefit plans. Exploring the deal As per Bloomberg News, the Aerospace Workers District 776 and the International Association of Machinists (IAM), which has 5000 members in Fort Worth, Texas, approved the deal recommended by the negotiating committee with the management. The new contract terms include an effective 16% wage increase over the next four years, inflation-linked adjustment in cost-of-living expenses, a ratification bonus of $4000 per person, and a continued Union Healthcare plan. In a statement, Robert Martinez Jr., President of the IAM International, said that the new contract where the members stayed strong and demanded a robust contract at every step of the negotiation proved why the IAM is the strongest and largest defense and aerospace union in the world. Lockheed Martin did not respond to the request for comments. Last week, the company said that their talks for contracts with the Pentagon had got bogged down due to the rising production cost of F-35 fighter jets. In a statement, the Union said that the negotiations over the new contract have been going on since February 2022. The new agreement will officially be effective from April 25, 2022. The soaring profits of corporations have led to a renaissance among the labor unions over the last year. The pandemic and Washington reignited political will have renewed essential workers' respect. Last November, workers at Deere & Co. scored a victory with a strike at the farm equipment production plant, the first time since 1986. The customers faced delays in getting replacement parts during the peak of the harvest season. Starbucks Corp. and Amazon Inc. are amidst a high-profile campaign organized by their workers who want to unionize throughout the country. Further Reading \t Airbus SE -Research Report \t Why is the USA considered the Strongest Military in the World? \t Can Airplane Breach the Atmosphere to Travel in Space?