Boeing machinist union votes to accept contract, end strike

Boeing’s (BA) machinist union said in a statement: “33,000 frontline workers at Boeing, members of International Association of Machinists and Aerospace Workers Districts 751 and W24 voted to ratify a new union contract with the company that has instantly set a new standard for compensation and wages for aerospace industry workers. The deal followed a vigorous strike lasting nearly two months by the workers in Washington state, Oregon and California that made international headlines and drew widespread public support and bipartisan political support. The new contract includes a 43.65% compounded wage increase – 38% before compounding – over the four-year life of the contract. In recent weeks, acting U.S. Secretary of Labor Julie Su worked on behalf of the Biden-Harris administration to help restart and reach a positive resolution to negotiations that had previously stalled…Highlights of the latest tentative agreement approved Monday night by the union members include: 38% general wage increase over four years – 13%, 9%, 9%, 7% which compounds to 43.65% over the life of the agreement; $12,000 Ratification Bonus: The ratification bonus combines the previous $7,000 ratification bonus and the $5,000 lump sum into the 401(k). Now, union members can choose how this total amount is received – in their paycheck, contribution to 401(k), or a combination of both; AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%, including 2024 payout in February 2025; 401(k) employer match of 100% up to 8%.”