People sing during a strike rally for the International Association of Machinists and Aerospace Workers (IAM) at Union Hall in Seattle, Washington on October 15, 2024.
Jason Redmond | AFP | Getty Images
Boeing and its machinists union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than month-long strike that has crippled the manufacturer’s plane production.
The confirmation vote has been set for Wednesday.
The new proposal includes a 35% salary increase over four years, a higher $7,000 signing bonus, guaranteed minimum payments in an annual bonus program and higher 401(k) contributions, among other changes.
Acting US Labor Secretary Julie Su met with both parties earlier this week. “With the assistance of Acting US Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, which is mandated to be presented to members and deserves your consideration,” the International Association of Machinists and Aerospace Workers District. 751 said in a statement on Saturday.
The the strike began More than 30,000 machinists on September 13 rejected outright a tentative deal that included 25% pay increases over four years. Boeing later joined sweet offer but the union blasted him saying it was not negotiated.
“We look forward to our employees voting on the negotiated proposal,” Boeing said in a statement.
Boeing is working to stop the cash flow as it deals with a safety crisis stemming from a near-disaster. popping the door stopper per year on one of its 737 Maxes and challenges in other programs.
The company said earlier this month that it would report a deep loss and take about $5 billion in charges across its commercial and defense units. A contract confirmed on Wednesday, when Boeing also reports full results, would be a victory New CEO Kelly Ortbergwho took over the main job of the company in August, was responsible for reshaping the company.
On October 11, he announced job cuts 10% of Boeing’s workforce and that the company will stop making the 767 when orders are filled in 2027.
