The new labor agreement at Boeing will be signed on November 6
Boeing workers in Renton will return to work on November 6 following an agreement that includes a 38% salary increase over four years.
Boeing workers in Renton will return to work on November 6 following the agreement reached regarding the new collective bargaining agreement. After several failed attempts in previous votes, where offers were rejected by a high percentage of workers, this time the union managed to secure a significant improvement in the company's proposal.
The new offer includes a 38% increase in wages over a four-year period. The first of these increases, amounting to 13%, will take effect from January 2025. By the end of the series of increases, Boeing employees will see a total wage increase of around 43%. Additionally, a one-time bonus of $12,000 will be given to each worker at the time of signing the agreement, which implies a total cost of approximately $1.1 billion for the company.
Despite these achievements, the pension plan canceled in 2014 will not be restored. However, Boeing has committed to contributing funds to the layoff program, which could benefit those affected by the upcoming job reductions. The company has announced an intention to reduce its workforce by 10%, which would represent approximately 17,000 jobs, and scheduled layoff notices will be sent out in November and December.
Amid these changes, Boeing has raised $24 billion through stock sales, although it faces losses that could continue until the end of this year. As part of the new management policy, funds allocated for business travel will be limited, and participation in conferences and air shows will be restricted, as part of a broader effort to improve the company's financial viability.