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Workers at US aircraft manufacturer Boeing have approved a new contract proposal, ending more than seven weeks of work stoppage that has cost the US aviation giant billions of dollars.
The International Association of Machinists and Aerospace Workers (IAM) District 751 (Seattle, Washington) said that with more than 59% of the vote, the union approved a new contract proposal put forward by Boeing's leadership, after rejecting two previous proposals. The move means that about 33,000 IAM workers in the Seattle area will return to work, restoring operations at two major assembly plants as Boeing tries to revive the corporation after many "setbacks". The new contract proposal includes a 38% salary increase, a $12,000 signing bonus, and provisions to increase employer contributions to the 401K retirement plan and cover health care costs. However, the new contract does not restore Boeing's previous pension plan as requested by older workers.
IAM workers are expected to return to work as early as November 6 and as late as November 12.
IAM District 751 President Jon Holden called the deal a victory for workers fighting for wages, saying it rebalances the balance in favor of the middle class after previous concessions to the company. He pledged that once the strike is over, workers will return to work and contribute to improving Boeing’s current financial situation.
For his part, Boeing CEO Kelly Ortberg welcomed IAM's approval of the proposal, emphasizing that management and workers need to reach consensus and work together to develop Boeing.
US President Joe Biden also welcomed the IAM's approval of Boeing's contract proposal, saying it benefits workers, businesses and consumers, and is key to growing the US economy.
A seven-week strike by Boeing aircraft assembly workers has added to the manufacturer’s already shaky outlook following the failure of an emergency exit door on a 737 MAX operated by Alaska Airlines in January. Although there were no major injuries, the incident has plunged Boeing back into crisis following two crashes involving the MAX.
The IAM strike stems from workers’ frustrations over a decade of stagnant wages, exacerbated by rising inflation in recent years and the rising cost of living in the Seattle area, a growing tech hub. The strike is set to outlast the 2023 U.S. autoworkers strike in Detroit, Michigan, to become the costliest economic strike of the 21st century, with an estimated $11.6 billion in economic losses, according to the Anderson Economic Group, a market analysis and consulting firm.
