{"id":1497295,"date":"2024-10-19T19:10:00","date_gmt":"2024-10-19T23:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1497295"},"modified":"2024-10-19T19:10:00","modified_gmt":"2024-10-19T23:10:00","slug":"boeing-union-reach-tentative-deal-to-end-strike-ratification-vote-pending","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/boeing-union-reach-tentative-deal-to-end-strike-ratification-vote-pending\/1497295\/","title":{"rendered":"Boeing, Union Reach Tentative Deal To End Strike, Ratification Vote Pending"},"content":{"rendered":"

Boeing, Union Reach Tentative Deal To End Strike, Ratification Vote Pending<\/span><\/p>\n

\n

Authored by Tom Ozimek via The Epoch Times,<\/em><\/a><\/p>\n

Boeing and the union representing striking machinists have reached a tentative agreement that union leaders say should be presented to members for a ratification vote, paving the way for a potential end to the more than month-long strike.<\/p>\n

\u201cWith the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,\u201d <\/strong><\/em>the International Association of Machinists and Aerospace Workers Local 751 said in a statement on Oct. 19.<\/p>\n

Around 33,000 of Boeing\u2019s unionized workers walked off the job<\/a> on Sept. 13 after nearly 95 percent of the mostly West Coast workers rejected Boeing\u2019s offer of a 25 percent pay hike over four years. The strike halted production of the company\u2019s 737 Max, as well as the 767 and 777 widebody aircraft, with the company losing an estimated $1 billion per month due to the labor action.<\/p>\n

<\/a><\/p>\n

Union leaders said the\u00a0tentative deal<\/a>\u00a0features \u201ckey improvements\u201d over an earlier Sept. 12 proposal<\/a> that are \u201caimed at resolving the strike.\u201d <\/strong>The latest proposal includes a 35 percent wage increase over four years, a $7,000 ratification bonus, and reinstated incentive payouts. It also includes improved 401k contributions, a $105 pension multiplier, and restored call-in provisions.<\/p>\n

While Boeing\u2019s latest proposal makes a number of concessions, it does not include a dedicated pension plan for new members, which was a key demand in previous negotiations. Instead, it emphasizes enhanced 401k contributions, including a 100 percent company match up to 8 percent and a one-time $5,000 contribution for eligible members.<\/p>\n

The union said it plans to hold a vote on the proposal on Oct. 23 that, if approved by a simple majority of members, will cement the tentative deal into a contract and end the strike.<\/p>\n

Union leaders said they are still finalizing the strike settlement agreement and, along with additional contract details, will present it to members for their consideration ahead of Wednesday\u2019s vote.<\/p>\n

\u201cThe future of this contract is in your hands,\u201d <\/strong><\/em>they said.<\/p>\n

In a statement<\/a> issued on Oct. 19, Boeing said: \u201cWe look forward to our employees voting on the negotiated proposal.\u201d<\/p>\n

The strike began at a challenging time for Boeing, which has been trying to ramp up production after a series of safety incidents and increased regulatory scrutiny in recent years.<\/strong> Analysts have warned that a prolonged strike could lead to lasting financial impacts, while credit-rating agencies have warned of potential ratings downgrades.<\/p>\n

Shortly after the strike began in mid-September<\/a>, the plane maker announced a hiring freeze, a halt to nonessential spending, and teased the possibility of layoffs, in a bid to conserve cash and preserve the company\u2019s long-term operations. At the time, Boeing also said it will temporarily release nonessential contractors and consultants, and pause employee retention programs, catered meals, and team events.<\/p>\n

As the strike dragged into October<\/a>, Boeing announced that it will cut around 17,000 jobs and further delay the launch of the 777X, a new model that is already several years behind schedule.<\/p>\n

\u201cOur business is in a difficult position, and it is hard to overstate the challenges we face together,\u201d<\/strong><\/em> Boeing CEO Kelly Ortberg said in an Oct. 11 memo to employees, which came on the same day that the plane maker announced in a press release<\/a> that it expects to recognize negative impacts to its financial results when it reports third-quarter earnings on Oct. 23.<\/p>\n

Boeing attributed the impacts to charges related to certain commercial and defense programs, as well as the ongoing strike. The company now projects revenues of $17.8 billion, an operating cash flow deficit of $1.3 billion, and a loss of $9.97 per share.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 10\/19\/2024 – 15:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/boeing-union-reach-tentative-deal-end-strike-ratification-vote-pending<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Boeing, Union Reach Tentative Deal To End Strike, Ratification Vote Pending Authored by Tom Ozimek via The Epoch Times, Boeing and the union representing striking…<\/p>\n","protected":false},"author":0,"featured_media":1497296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1497295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1497295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1497295"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1497295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1497296"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1497295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1497295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1497295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}