Boeing Reaches Tentative Agreement with Union to Conclude Strike

Boeing's Tentative Agreement Overview

A tentative agreement has been reached between Boeing and the roughly 33,000 machinists that went on strike last month, as announced by the union. "We are finalizing the strike settlement agreement, which will be completed soon," the International Association of Machinists (IAM) stated.

Details of the Agreement

The proposal from Boeing includes a 35 percent wage increase over four years, along with a reinstatement of an incentive pay plan featuring a guaranteed minimum annual payout of 4 percent.

Retirement Plans and Company Contributions

Meanwhile, the deal promises increased company contributions to workers' 401(k) plans. However, it does not restore the original pension plan that was in place many years ago.

• Vote to be held next week: The union plans to conduct a vote regarding the new contract negotiations.
• Support for Workers: IAM acknowledges the sacrifices made by its members, especially during the pandemic.
• Key Role of Labor Secretary: IAM expressed gratitude to Labor Secretary Julie Su for her involvement in negotiations.

Conclusion of the Strike

Boeing's representatives expressed eagerness for the workers to vote on this negotiated proposal. The agreement comes at a crucial time as Boeing navigates various operational challenges.