theguardian.com
Boeing Strike Ends with New Contract
Boeing's West Coast factory workers ended a seven-week strike after accepting a new contract that includes a significant pay raise and other benefits.
English
United Kingdom
Labour MarketMilitary TechnologyLabor DisputeStrikeUnionContract NegotiationCompany
BoeingIam District 751International Association Of Machinists And Aerospace Workers (Iam)Jefferies
Kelly OrtbergJon HoldenDavid Lemon
- What was the financial impact of the strike on Boeing?
- The strike, which cost Boeing approximately \$100 million daily in lost revenue, halted most jet production and deepened the company's financial crisis. Boeing recently raised \$24 billion from investors to maintain its credit rating.
- What were the union's key demands, and which ones were met in the agreement?
- While the old pension plan wasn't restored, the new contract provides a significant pay increase and a commitment from Boeing to build the next airplane in the Seattle area. This commitment was a key factor in the union's acceptance.
- What is the projected increase in Boeing's wage bill as a result of the new contract?
- The average annual machinist pay will increase from \$75,608 to \$119,309, representing a considerable boost to worker compensation. The deal also includes a \$12,000 ratification bonus for each union member.
- What were the key terms of the new contract agreed upon by Boeing and its striking workers?
- Boeing's West Coast factory workers ended their seven-week strike after voting 59% in favor of a new contract. The contract includes a 38% pay raise over four years, a 4% bonus, and increased 401(k) matching contributions.
- What were the reactions of Boeing's CEO and the union's lead negotiator to the contract's ratification?
- Boeing CEO Kelly Ortberg expressed his pleasure at the ratification, emphasizing the importance of working together to restore the company's excellence. The union's lead negotiator, Jon Holden, also celebrated the victory and the return to work.