US planemaker Boeing and the union representing more than 30,000 machinists on strike agreed on a new contract proposal. The International Association of Machinists and Aerospace Workers (IAM) confirmed the news on Saturday.
In the proposed new deal, the IAM is calling for a 35% general wage increase that will be spread out over the course of four years. Specifically, there would be a 12% increase in the first year, 8% in the second and third years, and a 7% raise in the fourth year. The Aerospace Machinists Performance Program (AMPP) incentive plan will be reinstated, including a 4% guaranteed minimum annual payout and a 2024 payout in February of next year.
For retirement, Boeings 401(k) match would be increased to 100% of the first 8% contributed, along with a 4% company contribution automatically. Plus, there would be a one-time $5,000 contribution to each unit members retirement plan. The BCERP multiplier benefit for vested workers will increase to $105, while ratification would be a one-time bonus of $7,000.
Read the article.
