Strike Ends: Boeing Machinists Return to Work

Boeing machinists accepted a new contract and ended their seven-week strike. The agreement promises a 38% pay increase over four years, but lacks pension restoration. This resolution allows Boeing to resume production and return 33,000 workers to the assembly lines.

In a significant development on Monday, unionized machinists at Boeing decided to end their seven-week strike by accepting a new contract offer. This will enable the aerospace giant to resume production of its bestselling airliner and generate much-needed revenue.

The decision was made with 59% of voting members approving Boeing's fourth formal contract offer, as announced by leaders of the International Association of Machinists and Aerospace Workers in Seattle. The contract, however, does not fulfill the strikers' demand for the restoration of a company pension plan, previously frozen nearly a decade ago.

The ratified contract includes a 38% pay raise spread over four years and includes ratification and productivity bonuses. This move allows Boeing's Pacific Northwest assembly lines to once again become operational, bringing back 33,000 workers over the coming days. Boeing's CEO noted that some time might be needed for retraining as production resumes.

(With inputs from agencies.)