From Investing.com: 2024-09-14 18:55:38

Boeing workers begin strike seeking bigger wage increases and improved pension. More than 30,000 members of the IAM union in Seattle and Portland started strike on Friday after rejecting initial contract offer. Negotiations set to resume next week, with workers demanding restoration of defined-benefit pension lost in previous negotiations.

Initial contract offer included 25% pay raise spread over four years and commitment to build next commercial jet in Seattle if launched within contract period. Union members express frustration over stagnant wages and rising living costs. Boeing stock fell 3.7% on Friday, down nearly 40% year-to-date, cutting market value by $58 billion.

Potential lengthy strike could worsen Boeing’s financial situation, with $60 billion debt already burdening company. Pause in plane production would impact airlines and suppliers of Boeing jets. Union leader confident in members’ stance, stating strike could last for a while given members’ readiness and leverage.



Read more at Investing.com: Boeing strike could drag on as workers push for higher wages, union leader says By Reuters