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Boeing Posts $6B Loss as 33,000 West Coast Workers Vote on 35% Pay Raise, $7,000 Bonus to End Strike

Oct 23, 2024, 11:48 AM

Approximately 33,000 West Coast Boeing workers, represented by the International Association of Machinists and Aerospace Workers (IAM), have reached a tentative agreement with the company that includes a 35% wage increase over four years and a $7,000 signing bonus. The deal also features increased 401(k) contributions, though the pension plan will not be restored. Union leaders expect a close vote when workers cast their ballots on Wednesday, October 23, to decide whether to accept the proposal and end the strike that has lasted over five weeks and significantly impacted Boeing's production. Meanwhile, Boeing reported a $6.2 billion loss in the third quarter, with revenues declining and missing estimates. New CEO Kelly Ortberg emphasized the need for a fundamental culture change and a leaner organization amid ongoing challenges.