Boeing's official Q4 2024 financial statements

33,000 Boeing Machinists Vote on 38% Wage Increase Offer to End Nine-Week Strike

Nov 4, 2024, 05:01 PM

Unionized Boeing machinists are voting on Monday on the company's latest contract offer, marking their third vote on a proposal that could potentially end a strike now entering its ninth week, which has halted production of most Boeing passenger planes. The International Association of Machinists and Aerospace Workers represents about 33,000 factory workers involved in the strike. The workers had previously rejected two contract offers in September and October, primarily over issues such as pensions and benefits. In the new offer, Boeing did not restore the pension plan that was frozen nearly a decade ago, which remains a point of contention. However, the proposal includes a 38% wage increase over four years. Analysts, including BofA's Ron Epstein, estimate a "two-thirds odds" that the new deal will be accepted. If approved, the contract would allow Boeing to resume production and could alleviate some of the financial pressures caused by the prolonged strike. If rejected, it could plunge the company into further financial peril.