Boeing workers set to vote on 38% pay raise agreement

Boeing’s striking workers are set to vote on a new pay deal that includes a 38% raise over four years, reports a Kazinform News Agency correspondent.

The International Association of Machinists and Aerospace Workers (IAM) union, representing over 30,000 workers, supports the deal and plans a vote on Monday.

The strike began on September 13, slowing production and deepening Boeing’s challenges.

Workers previously demanded a 40% increase and rejected two earlier offers, including the last offer of a 35% rise.

In addition to the pay raise, the deal includes a $12,000 bonus if accepted, an increase from $7,000.

“It is time for our members to lock in these gains and confidently declare victory,” the IAM said in a social media post. “We believe asking members to stay on strike longer wouldn’t be right as we have achieved so much success.”

Boeing said the offer would see average annual pay rise to $119,309 over the next four years.

“We encourage all of our employees to learn more about the improved offer and vote on Monday, November 4,” the company said.

The proposal also includes updates to retirement plans. Following the announcement, Boeing shares rose 2.7% in extended New York trading.

The strike has already cost Boeing nearly $10 billion, according to Anderson Economic Group.

The company reported a $4 billion loss for its commercial aircraft business for the past quarter and recently launched a $20 billion share sale.

The firm is also moving ahead with plans to lay off 17,000 workers, with the first notices expected in mid-November. The company’s latest crisis began in January with a mid-air incident involving a passenger plane, followed by a setback in its space division with the Starliner mission.