Boeing union announces proposal to end strike, vote coming Wednesday

The striking machinists at Boeing (BA) announced a contract settlement that will be voted on this week. The union said: “With the assistance of Secretary of Labor Julie Su, this updated proposal between the Union and Boeing, includes several key improvements aimed at resolving the strike. In addition to what was offered in the rejected September 12, 2024 offer, here’s a breakdown of the key elements. We are planning to vote this proposal on Wednesday October 23, 2024. Wages: A 35% general wage increase spread over 4 years (12% in Year 1, 8% in Year 2, 8% in Year 3, and 7% in Year 4). Incentive Pay: The AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%. Including 2024 payout in February, 2025. Retirement: Company 401(k) match increased to 100% of the first 8% contributed, alongside a 4% automatic company contribution. Additionally, there is a one-time $5,000 contribution to each unit member’s Boeing 401(k). Pension: The BCERP multiplier benefit increases to $105 for vested employees. Ratification Bonus: A one-time bonus of $7,000. Sick Time Call-Out: Reverts to the existing contract language’ call in before shift language removed from contract.”