Boeing Strike Ends as Machinists Accept Contract Offer with 38% Pay Increase

Negotiations Conclude After Eight-Week Walkout

Machinists Ratify New Contract

The eight-week strike by Boeing machinists has come to an end after the union ratified a new contract offer from the company. The deal includes a 38% pay increase over the next three years, as well as improvements to health and pension benefits.

Tentative Agreement Reached

A tentative agreement was reached between Boeing and the union on Friday, April 28, after marathon negotiating sessions. The deal was then put to a vote by the union's membership, who overwhelmingly approved it.

The new contract will provide a significant boost to the machinists' paychecks. The 38% pay increase will be implemented in three phases: an 11% increase in the first year, a 10% increase in the second year, and a 7% increase in the third year.

In addition to the pay increase, the new contract also includes improvements to health and pension benefits. The union said that the new contract "maintains all current healthcare plan designs," and that it "improves the pension formula for new hires."

Strike Ends with Settlement

The strike ended on Saturday, April 29, after the union's membership ratified the new contract. The machinists returned to work on Monday, April 30.

The strike had a significant impact on Boeing's production schedule. The company said that the strike cost it about $1 billion in lost revenue.

The new contract is a sign of relief for both Boeing and the union. The company can now get back to producing airplanes, and the machinists can return to work with a significant pay increase.