Boeing Reaches Tentative Union Deal—Would End Five-Week Strike
ForbesOCT 20 2024
Boeing workers voted Wednesday to reject the latest wage deal on the table, continuing costly strikes that have hamstrung the aviation giant.Of the 33K striking workers represented by the International Association of Machinists and Aerospace Workers union, 64% voted to reject Boeing's latest contract offer Wednesday.
90% of the 33K workers represented by the International Association of Machinists (IAM) union voted to reject Boeing's offer of a 25% pay bump over four years—employees wanted a 40% rise over the same period and the restoration of a defined-benefit pension that was removed more than a decade ago.Boeing's latest offer included a 30% pay bump over four years. Employees are seeking a 40% rise over the same period and the restoration of a defined-benefit pension that was removed more than a decade ago.
The workers have continued to reject Boeing's offers, including a 30% pay rise over four years, the doubling of a contract signing bonus to $6K, and a renewed annual productivity bonus. However, it didn't include the old pension.
After the blowout of a door panel earlier in the year, as well as posting losses of $6B on Wednesday, the result of this vote is more bad news for Boeing. Estimates suggest the company is losing $100M each day the strikes continue, and it's imperative they're resolved as soon as possible or the future of the company could be at risk.
Boeing's latest offer continues to fall short of bringing employees' pay to 2024 levels and has not at all addressed staff's demands to restore the old pension scheme. WorkersThese 33K workers represent the will of the working class and will continue to hold the line and picket until these basic demands are met.