Boeing Machinists Ratify Labor Contract, Concluding 7-Week Work Stoppage

Boeing's 33,000 unionized machinists have voted to approve the plane manufacturer's new labor contract, bringing a close to a protracted 7-week strike that interrupted production for most of the company's passenger planes. The decision saw 59% in favor of acceptance, opening the doors for workers to return as early as Wednesday, with a firm deadline set for November 12.

The union, represented by the International Association of Machinists and Aerospace Workers (IAM), had prompted its members to support the latest proposal which elevates wages by 38% over the contract's four-year duration, an increase from the previously rejected 35%. Additionally, the revised deal comes with a $12,000 cash bonus for hourly workers and further contributions to retirement plans. Though the issue concerning pension restoration remains unresolved, Boeing has pledged to enhance contributions to employee 401(k) plans.

Under the new agreement, average annual pay for machinists, currently at $75,608, is projected to ascend to $119,309 within four years, according to Boeing. This decisive vote follows a series of prior rejections by IAM members in September and October against lesser offers presented by the Seattle-based aerospace titan.