The agreement includes a 43.65% wage increase over four years and a ratification bonus of $12,000|@MachinistsUnion|X
Boeing workers will return to work tomorrow after 59% of members of the International Association of Machinists voted to ratify a new contract, ending a strike that’s crippled jetliner production for 53 days and cost the airplane manufacturer roughly $100 million a day.
The agreement includes a 43.65% wage increase over four years and a ratification bonus of $12,000. However, the contract does not offer the traditional pension the union asked for.
The Boeing strike’s impact was significant
The work stoppage had deepened Boeing’s woes amid existing safety and quality issues and contributed to a reported $6.1 billion loss in Q3.
Ripple effects were seen in the US jobs report, where 44,000 transportation jobs vanished, primarily at Boeing. The strike cost the US economy more than $11 billion.
The contract’s approval is expected to aid the American aviation giant’s financial rebound and support job growth in the aerospace industry.
President Joe Biden praised the agreement and Labor Secretary Julie Su for her role in brokering the deal.