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Boeing’s 33,000 Machinists End 53-Day Strike with New Contract Including 38% Pay Raise

Nov 5, 2024, 04:56 AM

After a 53-day strike, Boeing's 33,000 unionized machinists have voted by 59% to accept a new labor contract, ending the work stoppage that halted production of most Boeing passenger planes and cost the company an estimated $100 million a day in lost revenue. The workers, members of the International Association of Machinists and Aerospace Workers (IAM) District 751 and W24, will return to work on Wednesday. The new four-year contract includes a 38% wage increase, a $12,000 signing bonus, and an 8% 401(k) match, setting a new standard for compensation in the aerospace industry. While the workers had rejected two previous offers that did not meet their demands, this agreement, though it doesn't restore the pension plan frozen nearly a decade ago, was sufficient to end the strike. The acceptance of the contract allows Boeing to resume airplane production and bring in much-needed cash, alleviating some of the financial pressures that had deepened during the strike.