{"id":1500505,"date":"2024-11-05T12:45:00","date_gmt":"2024-11-05T17:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1500505"},"modified":"2024-11-05T12:45:00","modified_gmt":"2024-11-05T17:45:00","slug":"paralyzing-strike-ends-at-boeing-after-workers-ratify-new-life-changing-contract","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/paralyzing-strike-ends-at-boeing-after-workers-ratify-new-life-changing-contract\/1500505\/","title":{"rendered":"Paralyzing Strike Ends At Boeing After Workers Ratify New “Life-Changing” Contract\u00a0"},"content":{"rendered":"

Paralyzing Strike Ends At Boeing After Workers Ratify New “Life-Changing” Contract\u00a0<\/span><\/p>\n

\n

On Monday night, 33,000 Boeing workers, represented by the International Association of Machinists and Aerospace Workers (IAM) Districts 751 and W24, voted\u00a0to\u00a0ratify<\/a> a new four-year labor contract with the\u00a0US planemaker, effectively ending the 53-day labor action. This is a big relief for Boeing executives, who have protected the company’s investment-grade credit rating at all costs during the labor action.\u00a0<\/p>\n

About\u00a059% of IAM members voted in favor of the new labor deal, which includes a\u00a043.65% compounded wage increase\u201438% before compounding\u2014over the contract’s four-year lifespan.\u00a0<\/p>\n

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

“This was a defining moment tonight,” IAM District 751 president Jon Holden said, adding,\u00a0“This is a victory. We stood strong, we stood tall, we won.” He noted that\u00a0more than 26,000 votes had been cast,\u00a0adding, “I just want to get our members back in the factory.”<\/p>\n

Here are the highlights of the new labor contract:<\/p>\n

38% general wage increase over four years \u2013 13%, 9%, 9%, 7% which compounds to 43.65% over the life of the agreement <\/em><\/strong><\/p>\n

$<\/em>12,000 Ratification Bonus<\/em><\/strong>: The ratification bonus combines the previous $7,000 ratification bonus and the $5,000 lump sum into the 401(k). Now, union members can choose how this total amount is received \u2013 in their paycheck, contribution to 401(k), or a combination of both. <\/em><\/p>\n

AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%, including 2024 payout in February 2025 <\/em><\/p>\n

401(k) employer match of 100% up to 8% <\/em><\/strong><\/p>\n

Special company retirement contribution of 4% into 401(k) maintained <\/em><\/p>\n

$<\/em>105 pension multiplier per year<\/em><\/strong> for those vested in the pension plan <\/em><\/p>\n

Call-in language back to current contract <\/em><\/p>\n

New long-term disability plan and big improvement to short term disability plan <\/em><\/p>\n

Health care cost containment <\/em><\/p>\n

Improved overtime rules <\/em><\/p>\n

Key job security provisions <\/em><\/p>\n

Increased Minimum Rates that now increase with COLA increases.<\/em><\/p>\n

“For many frontline Boeing workers in the IAM Union, the terms of this contract will be life-changing<\/strong>,” IAM Western Territory General Vice President Gary R. Allen said.\u00a0<\/p>\n

The ratification vote comes days after\u00a0IAM District 751 told members<\/a> on X to “lock in these gains and confidently declare victory.”\u00a0<\/p>\n

In markets, Boeing shares rose nearly 2%. However, on the year, shares are down 40.5%, the worst annual return since the 2008 GFC.<\/p>\n

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

The nearly two-month labor action has taken a financial toll on Boeing, with production lines of its commercial jets shuttered on the West Coast. Last week, the company announced a\u00a0$21 billion capital raise<\/a> to offset the cash drain and strengthen its balance sheet to protect its prized investment-grade credit rating.<\/p>\n

Besides the union, this resolution is a major win for the new Boeing CEO, Kelly Ortberg, setting the company up for a smoother landing approach to rebuilding the company by focusing on build quality instead of share buybacks and also rid the company of toxic DEI.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 11\/05\/2024 – 07:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/paralyzing-strike-ends-boeing-after-workers-ratify-new-life-changing-contract<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Paralyzing Strike Ends At Boeing After Workers Ratify New “Life-Changing” Contract\u00a0 On Monday night, 33,000 Boeing workers, represented by the International Association of Machinists and…<\/p>\n","protected":false},"author":0,"featured_media":1500506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1500505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6ilH","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/11\/GbmJo-YaoAEWF-n-R0F1bC.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1500505","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=1500505"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1500505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1500506"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1500505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1500505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1500505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}