On September 19, 2024, striking Boeing workers held a rally at the Boeing Portland plant in Portland, Oregon.
Jordan Gale | AFP | Getty Images
boeing company On Monday, it sweetened its contract offer, saying it was the “best and final” proposal for its more than 30,000 mechanics. strikeincluding stopped The aerospace giant is entering its second week of production for most of its aircraft.
Boeing said on its website that the new offer includes salary increases, the restoration of annual bonuses, and an increase in bonuses paid upon contract approval.
The company’s new proposal would increase overall pay by 30% over four years, up from a previous proposal of 25%. It also doubled approval bonuses to $6,000, reinstated annual machinist bonuses and increased the company’s 401(k) match.
The union, the International Association of Machinists and Aerospace Workers, had no immediate comment on the proposal. Boeing said the offer is subject to approval by 11:59 p.m. Pacific time on Friday.
The new proposal is Boeing’s latest attempt to end a costly strike, the union’s first since 2008, as new CEO Kelly Ortberg Pressure is mounting for a deal.
Bank of America analyst Ron Epstein estimated that the strike was costing Boeing $50 million a day, and ratings agencies said the company risked being downgraded the longer the strike lasted.
Boeing said that in the early days of the strike, temporary leave non-union workers, including managers, and implemented other cost-cutting measures such as a hiring freeze, reduced travel and the elimination of first- and business-class tickets for employees.
Both Boeing and the union said they were disappointed with last week’s negotiations.
The strike comes after workers voted 94.6% against proposals previously approved by the union.
Mechanics on the picket line in Renton, Washington, told CNBC Last week, they turned down their first higher-wage contract because they wanted their wages to keep up with the steep rise in the cost of living in the Seattle area. Some workers said in interviews that they were prepared for a prolonged strike and had taken on side jobs such as food delivery or warehouse work.
