Current:Home > ScamsBoeing makes a ‘best and final offer’ to striking union workers -MoneyStream
Boeing makes a ‘best and final offer’ to striking union workers
Will Sage Astor View
Date:2025-04-11 08:41:38
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! (66)
Related
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Sydney Sweeney Shares How She and Glen Powell Really Feel About Those Romance Rumors
- Sixto Rodriguez, musician subject of 'Searching for Sugar Man,' dies at 81
- I've spent my career explaining race, but hit a wall with Montgomery brawl memes
- California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
- Lahaina, Hawaii, residents share harrowing escape from devastating wildfires: 'Everything is gone'
- MBA 5: Tech and the innovator's dilemma
- Paper exams, chatbot bans: Colleges seek to ‘ChatGPT-proof’ assignments
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Connecticut man charged with assaulting law enforcement in US Capitol attack
Ranking
- Where will Elmo go? HBO moves away from 'Sesame Street'
- Michigan mom is charged with buying guns for son who threatened top Democrats, prosecutors say
- Summer School 5: Tech and the innovator's dilemma
- Mic thrown by Cardi B at fan sells for nearly $100,000 at auction
- Sarah J. Maas books explained: How to read 'ACOTAR,' 'Throne of Glass' in order.
- Malika Andrews to replace Mike Greenberg as ESPN’s NBA Finals host, per report
- Michael Lorenzen throws 14th no-hitter in Phillies history in 7-0 victory over Nationals
- A Growing Movement Looks to End Oil Drilling in the Amazon
Recommendation
Rylee Arnold Shares a Long
Bella Hadid Makes Return to Modeling Amid Health Journey
U.S. sanctions fugitive dubbed The Anthrax Monkey and 2 other Sinaloa cartel members accused of trafficking fentanyl
Retired Col. Paris Davis, Medal of Honor recipient, receives long-overdue recognition
Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
Louisiana race for governor intensifies, but the GOP front-runner brushes off criticism
Officers in Washington state fatally shoot man who fired on them, police say
Malika Andrews to replace Mike Greenberg as ESPN’s NBA Finals host, per report