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

Stellantis aims to correct ‘arrogant’ mistakes in U.S....

June 17, 2024

Malls are using new restaurants to draw consumers...

December 20, 2024

Taco Bell to roll out AI drive-thru ordering...

August 2, 2024

Paramount special committee extends Skydance ‘go shop’ period...

August 24, 2024

Long-predicted consumer pullback finally hits restaurants like Starbucks,...

May 2, 2024

Elon Musk’s Neuralink raises $650 million in fresh...

June 4, 2025

Spirit Airlines gets rid of change and cancellation...

May 22, 2024

Ford to spend $3 billion to expand large...

July 19, 2024

Wendy’s will offer $3 breakfast deal, as rivals...

May 21, 2024

Spanish retailer Mango to open 60 new U.S....

November 27, 2024

    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

    • Credit card startup Imprint beats big banks for Rakuten co-brand deal

      July 24, 2025
    • Businesses are cautiously spending on corporate travel as trade uncertainty looms

      July 24, 2025
    • Lawsuit says Clorox hackers got passwords simply by asking

      July 24, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      July 24, 2025
    • A Wild Ride For the History Books: 2025 Mid-Year Recap

      July 24, 2025
    • Is META Breaking Out or Breaking Down?

      July 24, 2025

    Categories

    • Business (1,303)
    • Politics (4,070)
    • Stocks (1,541)
    • Uncategorized (45)
    • World News (1,296)
    • 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