Boeing’s strike ends after machinists approve new labor contract with 38% wage increases

Boeing workers vote to accept deal, end strike

Independent

Boeing factory workers vote to end seven-week strike and accept pay deal

Newsweek

Union Ends Strike, 'Happy Election Day! Boeing Workers Have a Contract!'

Union members from the International Association of Machinists and Aerospace Workers (IAM) in Seattle on Monday voted to accept the latest pay offer from Boeing, ending more than seven weeks of strikes that reportedly cost the aviation giant $50M a day.

AP News

Members voted by 59% to approve the latest offer. It included a 38% payrise over four years, a $12K signing bonus and retains a performance bonus that the company wanted to eliminate.

"This is a victory. We can hold our heads high," John Holden, the union's chief negotiator, said. "Now it's our job to get back to work."

Reuters

Meanwhile, in a statement, Boeing CEO Kelly Ortberg welcomed the outcome. "While the past few months have been difficult for all of us, we are all part of the same team," he said. "We will only move forward by listening and working together. There is much work ahead to return to the excellence that made Boeing an iconic company."

While the latest offer also secured increased pension contributions from Boeing, it did not restore an old defined-benefit plan that employees had wanted the firm to reinstate.

Holden acknowledged that this was likely why 41% voted against the latest offer. "They weren't wrong in feeling the way they did," he said. "I agree with them. We just couldn't get the pension out of this company. We'll continue working on that issue."

Boeing will be relieved to have this issue resolved as it was bleeding millions of dollars a day as a result of these strikes. It will now be able to resume production of its planes and generate some much-needed cash for the company.

Boeing factory strike ends as workers vote to accept contract

While union members were not able to have all of their demands met, this was the best deal that was available. The union will continue to fight for the other issues, including restoration of the defined-benefit pension scheme.

There's a 1% chance that Boeing will release a new midsize aircraft, likely called the 797, into commercial service before 2030, according to the Metaculus prediction community.

Boeing Strikes End as Workers Vote to Accept Latest Deal

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Boeing Strikes End as Workers Vote to Accept Latest Deal

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