Boeing and the union representing striking machinists have negotiated a new contract proposal that would provide bigger pay raises and bonuses in a bid to end a costly walkout that has crippled production of airplanes for more than a month, the AP reports. The International Association of Machinists and Aerospace Workers said early Saturday that it plans to hold a ratification vote on Wednesday. The union said the Boeing offer would increase pay by 35% over four years, up from 30% that the company offered last month. It also boosts the ratification bonus to $7,000 per worker instead of $6,000.
The new offer would not restore a traditional pension plan—a key demand of the 33,000 striking workers—but it would increase the amount of contributions to 401(k) retirement plans that Boeing would match. It would also retain performance bonuses that Boeing wanted to eliminate and make them at least 4% of pay, the union said. The union credited acting Labor Secretary Julie Su for helping produce the new proposal. Su met with company and union officials this week in Seattle in an indication of the Biden administration's concern about the strike's impact on the economy. The union said some details—including when workers would return to their jobs if they approve the deal—will be part of Wednesday's vote.
On Saturday, union officials stopped short of endorsing the new offer, but told members it is "worthy of your consideration." They said that when the annual pay raises are compounded, they total 39.8%. Boeing has said that average annual pay for machinists is currently $75,608. The strike by workers in Washington state, Oregon, and California has halted production of Boeing 737s including the 737 Max, and 767s and 777s since it began on Sept. 13. Boeing is continuing to build 787 Dreamliners at a nonunion plant in South Carolina. The strike has led new Boeing CEO Kelly Ortberg to announce about 17,000 layoffs and take early steps toward raising up to $25 billion from new stock or debt to bolster the company's finances.
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