Striking machinists at Boeing will vote on October 23, 2024, on a new contract proposal that could end a costly five-week strike, the company and the union announced on October 19, 2024.
The proposal includes a 35% pay hike over four years, a $7,000 ratification bonus, and enhanced retirement contributions, including a one-time $5,000 payment. However, the Machinists Retirement Savings Plan (MRSP) has been removed from the latest offer.
The International Association of Machinists and Aerospace Workers (IAM) Local 751, which represents around 33,000 unionized Boeing workers primarily in Washington state, credited Acting US Secretary of Labor Julie Su for assisting in the negotiations.
“With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,” the union said, concluding “the future of this contract is in your hands.”
Union members will cast a single ballot to either accept or reject the deal, with a simple majority required to pass the agreement. No further strike vote is necessary, as the strike has been ongoing since September 13, 2024, halting production of Boeing’s 737 MAX, 767, and 777 models.
This work stoppage has added pressure to Boeing’s fragile finances and disrupted its supply chain, prompting supplier Spirit AeroSystems to announce furloughs of 700 workers for 21 days. The union previously rejected a proposal with a 25% pay raise, and Boeing withdrew a 30% wage increase offer earlier this month after talks broke down.