Boeing's Critical Negotiation: Union Workers Strike Back

In a bid to end a prolonged strike, Boeing and the machinists' union have negotiated a new contract proposal offering increased pay and bonuses. The proposed deal excludes a traditional pension but improves 401(k) contributions. A ratification vote is scheduled for Wednesday following intervention from acting Labour Secretary Julie Su.

Boeing and the International Association of Machinists and Aerospace Workers have reached a tentative contract agreement aimed at ending a crippling strike.

The new proposal offers a 35% pay increase over four years and a $7,000 bonus, up from previous offers. However, it does not restore the traditional pension plan, focusing instead on enhanced 401(k) contributions.

Both Boeing and the union expressed optimism ahead of Wednesday's ratification vote, a move facilitated by acting Labour Secretary Julie Su. The strike, which began on September 13, has significantly impacted Boeing's operations, prompting layoffs and financial adjustments.

(With inputs from agencies.)