Boeing Reaches Tentative Union Deal—Would End Five-Week Strike
ForbesOct 05, 2024
The International Association of Machinists and Aerospace Workers announced Thursday that it has endorsed Boeing's latest contract proposal.
Over 33K Boeing union members have been on strike since Sept. 13, which has halted production of commercial aircraft and caused an estimated loss of $10B.
Thursday's contract proposal includes a 38% wage increase spread over four years, a guaranteed minimum annual payout of 4%, an enhanced 401(k) match, and a $12K signing bonus. The union had been pushing for a 40% pay increase.
Boeing machinists have sacrificed over the years and deserve a fair contract. The improved contract proposal demonstrates the power of worker solidarity and collective action, resulting in significantly better terms than the initial offer — including guaranteed minimum bonus payouts and enhanced retirement benefits.
The strike had severely impacted Boeing's financial stability during an already challenging period, forcing necessary workforce reductions and threatening the company's competitive position in the global aerospace market. The end of the dispute would mark a positive moment for Boeing in what has been a difficult year for the aerospace titan.