Current:Home > FinanceBoeing makes a ‘best and final offer’ to striking union workers-InfoLens
Boeing makes a ‘best and final offer’ to striking union workers
View Date:2024-12-23 14:42:41
Boeing said Monday it made a “best and final offer” to striking union machinists that includes bigger raises and larger bonuses than a proposed contract that was overwhelmingly rejected.
The company said the offer includes pay raises of 30% over four years, up from the rejected 25% raises.
It would also double the size of ratification bonuses to $6,000, and it would restore annual bonuses that the company had sought to replace with contributions to workers’ retirement accounts.
Boeing said average annual pay for machinists would rise from $75,608 to $111,155 at the end of the four-year contract.
The company said its offer was contingent on members of the International Association of Machinists and Aerospace Workers ratifying the contract by late Friday night, when the strike will be a little over two weeks old.
The union, which represents factory workers who assemble some of the company’s bestselling planes, did not immediately respond to a request for comment.
Boeing is offering workers upfront raises of 12% plus three annual raises of 6% each.
The new offer would not restore a traditional pension plan that Boeing eliminated about a decade ago. Striking workers cited pay and pensions as reasons why they voted 94.6% against the company’s previous offer.
Boeing also renewed a promise to build its next new airline plane in the Seattle area -- if that project starts in the next four years. That was a key provision for union leaders, who recommended adoption of the original contract offer, but one that seemed less persuasive to rank-and-file members.
The strike is likely already starting to reduce Boeing’s ability to generate cash. The company gets much of its cash when it delivers new planes, but the strike has shut down production of 737s, 777s and 767s.
On Friday, Boeing began rolling temporary furloughs of managers and nonunion employees and other money-saving measures. Those moves are expected to last as long as the strike continues.
veryGood! (77748)
Related
- Horoscopes Today, November 9, 2024
- Coach owner Tapestry to acquire parent company of Michael Kors, Versace in $8.5 billion deal
- What is hip-hop? An attempt to define the cultural phenomenon as it celebrates 50 years
- Collin Morikawa has roots in Lahaina. He’s pledging $1,000 per birdie for Hawaii fires relief
- What that 'Disclaimer' twist says about the misogyny in all of us
- Maui fires death toll rises to at least 53, hundreds forced to evacuate; Biden approves disaster declaration
- Ex-NFL player Buster Skrine arrested for $100k in fraud charges in Canada
- Terry Dubrow Speaks Out About Near-Death Blood Clot Scare and Signs You Should Look Out for
- Let Demi Moore’s Iconic Fashion Give You More Inspiration
- Civil suit can continue against corrupt former deputy linked to death of Mississippi man
Ranking
- At age 44, Rich Hill's baseball odyssey continues - now with Team USA
- Tensions rise as West African nations prepare to send troops to restore democracy in Niger
- New ferry linking El Salvador and Costa Rica aims to cut shipping times, avoid border problems
- From Astronomy to Blockchain: The Journey of James Williams, the Crypto Visionary
- Man found dead in tanning bed at Indianapolis Planet Fitness; family wants stricter policies
- Will it be a recession or a soft landing? Pay attention to these indicators
- What to stream this weekend: Gal Gadot, ‘Red, White & Royal Blue’ and ‘Only Murders in the Building’
- Horoscopes Today, August 10, 2023
Recommendation
-
AI could help scale humanitarian responses. But it could also have big downsides
-
Mark Williams: The Trading Titan Who Conquered Finance
-
A Georgia teacher wants to overturn her firing for reading a book to students about gender identity
-
Grand jury indicts teen suspect on hate crime charge in O'Shae Sibley's Brooklyn stabbing death
-
Princess Kate to host annual Christmas carol service following cancer treatment
-
Unleashing the Risk Dynamo: Charles Williams' Extraordinary Path from Central Banking to Cryptocurrency Triumphs
-
Caitlin Clark, Iowa teammates seek to pack football stadium for Oct. basketball matchup
-
Suburban Detroit woman says she found a live frog in a spinach container