Workers at Textron Aviation, representing striking workers in Wichita, have agreed to a new five-year contract with the company, bringing their four-week strike to an end.
The employees represented by the International Association of Machinists and Aerospace Workers District 70, Local Lodge 774 (IAM) accepted the new contract offer on the afternoon of October 20, 2024.
They will return to work on October 23, 2024. If the company delays an employee’s start time for operational reasons after this date, “such employee may use Earned Time Off (ETO) or vacation for such time,” the IAM said in a statement, published later the same day. Otherwise, such time will be unpaid. Employees are required to report to work by October 28, 2024, at the latest.
“We are pleased to have ratified a contract with the IAM that offers our employees, their families and the Wichita community a shared future,” Ron Draper, President and CEO of Textron Aviation said in the latest statement, published on October 20, 2024.
Under the improved offer, Textron workers will receive a total wage increase of 31% over the duration of the new contract, plus an 11% raise immediately upon ratification. The plan includes a 4% raise to follow in 2025, a 5% raise in 2026, a 6% raise in 2027, and a new 5% raise in 2028.
Additional contract improvements include:
- the maximum cost of living adjustment increased from $700 to $1,500 per year
- a guaranteed annual lump sum payment of $3,000, totaling $15,000 for each employee over the life of the contract
- new longevity pay that recognizes long-term employees
- caps on increases to annual health insurance premiums
- no premium increases to the company’s no deductible health plan from 2025 through 2029
“We are proud of and grateful for our team members who have supported our customers during this time,” a Textron Aviation spokesperson said. “During the next few days, we are making the necessary preparations to welcome our bargained employees who have been on strike back to work.”
The new contract will remain valid until September 2029.