The Boeing strike, which began on September 13 and involved about 30,000 workers, has officially ended as employees voted in favor of a lucrative new contract. The agreement grants a 38% salary increase over the next four years, along with a one-time bonus of $12,000 and improvements to retirement plans. The International Association of Machinists and Aerospace Workers (IAM) reported that 59% of the workers who participated in the vote approved the new deal. Workers are expected to return to their positions between Wednesday and November 12.
Boeing Workers Ratify New Contract, Ending Seven-Week Strike
Boeing Workers Ratify New Contract, Ending Seven-Week Strike
Boeing employees approve a significant pay rise deal, concluding a lengthy walkout that impacted production.
Union leader Jon Holden hailed the decision as a triumph for fair wages, emphasizing the solidarity of IAM members during the strike. Prior demands for a 40% pay raise and previous contract offers were rejected before this latest deal was reached. Boeing's CEO Kelly Ortberg acknowledged the challenges faced during the labor dispute and stressed the team’s commitment to restoring the company’s esteemed reputation.
The seven-week strike notably affected Boeing's production capabilities, costing the company an estimated $10 billion, according to analysts. As it struggles with financial losses, including $4 billion in its commercial aircraft division for the third quarter, Boeing has initiated a share sale to raise over $20 billion, alongside announcing job cuts of around 17,000 employees.
The strike opened a broader discussion about workers' rights and the significance of Boeing to the U.S. economy, drawing attention from the White House, which intervened to facilitate negotiations. Boeing’s troubles also stemmed from safety incidents, raising concerns about its operational integrity and credibility within the aerospace sector.
The seven-week strike notably affected Boeing's production capabilities, costing the company an estimated $10 billion, according to analysts. As it struggles with financial losses, including $4 billion in its commercial aircraft division for the third quarter, Boeing has initiated a share sale to raise over $20 billion, alongside announcing job cuts of around 17,000 employees.
The strike opened a broader discussion about workers' rights and the significance of Boeing to the U.S. economy, drawing attention from the White House, which intervened to facilitate negotiations. Boeing’s troubles also stemmed from safety incidents, raising concerns about its operational integrity and credibility within the aerospace sector.
