Machinists To Vote On New Boeing Offer
Amid massive strike-related layoffs, Boeing gives an improved offer but is still missing pensions for all workers.
By Peter List, Editor | October 19, 2024
For those following the strike at Boeing by 33,000 members of the Machinists (IAM) union, Boeing has given a new and improved offer to the union in the hopes of settling the dispute.
According to the union’s website, the company’s improved offer consists of:
Wages: A 35% general wage increase spread over 4 years (12% in Year 1, 8% in Year 2, 8% in Year 3, and 7% in Year 4).
Incentive Pay: The AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%. Including 2024 payout in February, 2025.
Retirement: Company 401(k) match increased to 100% of the first 8% contributed, alongside a 4% automatic company contribution. Additionally, there is a one-time $5,000 contribution to each unit member's Boeing 401(k).
Pension: The BCERP multiplier benefit increases to $105 for vested employees.
Ratification Bonus: A one-time bonus of $7,000.
Sick Time Call-Out: Reverts to the existing contract language’ call in before shift language removed from contract
One may note that one of the sticking points of the ongoing strike has been the union’s demand for Boeing to bring back the pension plan that was frozen in 2014. That does not appear to be included in the new offer.
The striking Machinists are scheduled to vote to accept or reject the new offer on Wednesday, October 23rd.
The new offer is being presented to the striking machinists as the company prepares to lay off ten percent—or around 17,000—of its employees.
For more information, visit the union’s website here.