The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Boeing sweetens offer to union as strike enters second week

by admin September 25, 2024
September 25, 2024
Boeing sweetens offer to union as strike enters second week

Boeing on Monday sweetened its contract offer and said it was its “best and final” proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant’s aircraft production, entered its second week.

The new offer raised pay, reinstated annual bonuses and increased a bonus that would be given upon the contract’s ratification, among other changes, Boeing said on its website.

Boeing’s new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company’s 401(k) match.

The labor union, the International Association of Machinists and Aerospace Workers, didn’t immediately comment on the offer. Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT.

The new offer is Boeing’s latest attempt to end a costly strike, the unionized work group’s first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.

Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.

In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel and the elimination of first- and business class-air tickets for employees.

Both Boeing and the union said they were disappointed with negotiations last week.

The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area. Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Why the Stock Market is SO Confusing Right Now
next post
Trump Media plummets 10% as post-lockup selloff picks up steam

Related Posts

New Boeing CEO to give clues about company’s...

October 24, 2024

Treasury delays deadline for small businesses to file...

December 28, 2024

Nvidia to report earnings amid infrastructure spending, DeepSeek...

February 27, 2025

Dow slips for first losing day in nine...

May 15, 2024

Paris seeing signs of strong travel demand ahead...

June 24, 2024

How Fanatics is teaching business acumen to pro...

June 25, 2025

Spotify is increasing U.S. prices for many of...

June 4, 2024

Tesla, Bitcoin and Truth Social boom in election...

November 8, 2024

Walmart pulls back on DEI efforts, removes some...

November 27, 2024

‘He’s like Iron Man’: Jensen Huang lit up...

June 11, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Orange juice importer says Brazil tariffs will squeeze American consumers

      July 23, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      July 23, 2025
    • Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

      July 23, 2025
    • GOP lawmakers advocate for US condemnation of persecution against Christians in Muslim-majority nations

      July 23, 2025
    • ‘Not going away’: Inside the Epstein drama that’s thrown House GOP into chaos

      July 23, 2025
    • Obama denies Trump’s ‘bizarre allegations’ that he was Russiagate ‘ringleader’ in rare statement

      July 23, 2025

    Categories

    • Business (1,300)
    • Politics (4,060)
    • Stocks (1,538)
    • Uncategorized (45)
    • World News (1,293)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved