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

The Trader Harbor

World News

Boeing strike ends after machinists approve new labor contract with 38% wage increases

by admin November 6, 2024
November 6, 2024
Boeing strike ends after machinists approve new labor contract with 38% wage increases

Boeing machinists approved a new labor deal Monday, ending a more than seven-week strike that halted most of the aircraft production at the company that was already struggling with mounting losses.

Machinists voted 59% in favor of the new contract, which includes 38% wage increases over four years and other improvements.

The approval is a relief for Boeing’s new CEO Kelly Ortberg, who took the top job in August to steer the company through its safety and manufacturing crises.

President Joe Biden congratulated the union and the company — one of the country’s top exporters — on reaching the deal. Acting Labor Secretary Julie Su had gotten involved with the negotiations, meeting with both sides.“This contract provides a 38% wage increase over four years, improves workers’ ability to retire with dignity, and supports fairness at the workplace,” Biden said in a statement. “This contract is also important for Boeing’s future as a critical part of America’s aerospace sector.”

It was the machinists’ third vote since September, when the 33,000 workers, mostly in the Seattle area, walked off the job after overwhelmingly rejecting a proposal promising a 25% raise, far short of the 40% the union sought. They rejected another sweetened proposal late last month.

“This is a victory. We can hold our heads high,” said International Association of Machinists and Aerospace Workers District 751 President Jon Holden as he announced the results late Monday.

The machinists, who build planes such as the bestselling 737 Max, 777 and 767 aircraft must return to their jobs no later than Nov. 12 the union said. They could return as early as Wednesday.

Boeing said machinist pay will average $119,309 at the end of this contract proposal. The first wage increase will be 13%. The contract also increases 401(k) contributions and a signing bonus of up to $12,000 or a combination of a $7,000 bonus and $5,000 401(k) deposit.

Workers had complained about the skyrocketing cost of living in the Seattle area, where most of Boeing’s aircraft are produced.

But the union had warned that the latest deal, which was proposed last week, might be as good as workers can expect to get.

“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said in a statement then. “We are at that point now and risk a regressive or lesser offer in the future.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
These S&P 500 Stocks Are Poised To Outperform!
next post
Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines

Related Posts

American Airlines flight attendants ratify new contract with...

September 14, 2024

Major maritime strike could threaten ports across the...

September 22, 2024

Netflix says its ad tier now has 94...

May 16, 2025

Trump Media stock erases all gains since it...

April 9, 2024

How In-N-Out Burger’s president runs her fast-food empire:...

April 18, 2024

UiPath to lay off 10% of workforce in...

July 10, 2024

U.S. Steel CEO appeals to Trump after Biden...

January 9, 2025

CEOs want workers back in offices—this company is...

February 22, 2025

More than $1 billion in federal tax refunds...

April 2, 2024

Inside the $1 billion berry startup backed by...

April 24, 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

    • OpenAI to release web browser in challenge to Google Chrome

      July 11, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 11, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 11, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 11, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 11, 2025
    • How to Find Compelling Charts in Every Sector

      July 11, 2025

    Categories

    • Business (1,291)
    • Politics (3,959)
    • Stocks (1,506)
    • Uncategorized (45)
    • World News (1,284)
    • 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