Boeing Strike Ends As Machinists Approve New Labor Contract with 38% Wage Increases
Strike Ends at Boeing, Machinists Approve New Labor Contract
After a month-long strike, Boeing machinists have approved a new labor contract that will provide them with a 38% wage increase over the next four years.
New Contract Details
The new contract includes a 12% wage increase in the first year, followed by 8% increases in each of the next three years. It also includes a $10,000 signing bonus and increased pension benefits.
Machinists Union Ratifies Contract
Members of the International Association of Machinists and Aerospace Workers (IAM) voted to ratify the contract by a margin of 67% to 33%.
Wage Increase Breakdown:
- Year 1: 12% increase
- Year 2: 8% increase
- Year 3: 8% increase
- Year 4: 8% increase
Additional Benefits in the New Contract:
- $10,000 signing bonus
- Increased pension benefits
- Improved health insurance coverage
- Increased paid time off
Impact on Boeing
The end of the strike is a major relief for Boeing, which has been struggling with production delays and lost revenue. The company is expected to resume full production of its 737 and 787 aircraft in the coming weeks.
Conclusion
The new labor contract is a significant victory for the IAM and its members. It provides them with significant wage increases and improved benefits. The end of the strike is also a positive development for Boeing, which can now focus on ramping up production and meeting customer demand.
