From CNBC: 2024-11-01 14:41:54

Boeing and its machinists’ union have reached a new contract proposal, including a 38% wage increase over four years and a choice between a $12,000 bonus or a $7,000 bonus with a $5,000 401(k) contribution. The strike, involving over 32,000 workers, had caused significant losses for Boeing. President Biden congratulated both parties on the agreement.

The strike, which began in September and saw workers rejecting previous proposals, has impacted Boeing’s business and U.S. employment numbers. The new contract offers an average pay of $119,309 for machinists at Boeing. The Biden administration got involved in negotiations, and the strike has delayed aircraft production. President Biden commended the union and Boeing for reaching an agreement.

Boeing CEO Kelly Ortberg emphasized the importance of voting on the new proposal to rebuild the business and resume operations. Workers have been pushing for higher compensation due to the rising cost of living in the Seattle area. Boeing’s plan to stabilize the company has been hindered by production flaws and safety issues, leading to significant financial losses.



Read more at CNBC: Boeing union backs sweetened contract offer that could end strike, sets vote for Monday