Boeing strike ends after labor union accepts contract offer, announces return to work

The International Association of Machinists and Aerospace Workers Local 751, which represents 33,000 members in Seattle, said it has accepted a new contract with Boeing, ending the union's strike after nearly two months.The union said machinists voted by 59% to accept the company's proposal, which includes a 38% pay raise over four years that would ultimately increase salaries from $75,608 to $119,309, Reuters reported. The proposal also included ratification and productivity bonuses.Boeing did not agree to the reinstatement of a company pension plan, which was highly sought after by union members, but did offer company matching contributions for workers' 401(k) plans, according to Reuters.IAM 751 posted on X on Monday night that workers can return to work as early as Wednesday and must return by the beginning of shift on Nov. 12.BOEING STRIKE COSTLIEST IN ECONOMIC DAMAGE SO FAR IN 2024Boeing CEO Kelly Ortberg, who joined the company in August, said he is "pleased to reach a ratified agreement" with the machinists."While the past few months have been difficult for all of us, we are all part of the same team. We will only move forward by listening and working together. There is much work ahead to return to the excellence that made Boeing an iconic company," Ortberg said. "This is an important time in our history, and like generations before us, we will face into the moment together, and stronger as one team."BOEING TO CUT 10% OF WORKFORCE, HALT MOST 767 PRODUCTION AMID LABOR UNION STRIKEPresident Biden also issued a statement congratulating the union and Boeing for "coming to an agreement that reflects the hard work and sacrifices of the 33,000 Machinist workers.""This contract provides a 38% wage increase over four years, improves workers’ ability to retire with dignity, and supports fairness at the workplace. This contract is also important for Boeing’s future as a critical part of America’s aerospace sector," he said.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe strike, which began on Sept. 13, involved Boeing's West Coast workers and severely impacted company production after they refused to work on the 737 MAX and its 767 and 777 widebodies.Boeing was losing more than $1 billion per month in revenue due to the strike, according to an estimate that was released before Ortberg announced the company would cut 17,000 jobs or 10% of its global workforce.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business