Aerospace Titans Triumph: Boeing Workers Seal Historic Contract, Ending Epic Strike
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Boeing's Striking Workers Accept Revised Contract Offer
Boeing's striking factory workers have voted to accept the company's revised contract offer, ending a seven-week-long work stoppage. The new contract includes a 38% wage increase over four years and a combined cash bonus of $12,000.
The work stoppage had severely hampered the production of key Boeing airplanes, including its best-selling 737 MAX, the 767, and the 777. Boeing CEO Kelly Ortberg called for a fundamental culture change in the company in light of the strike.
To boost its cash reserves and stave off a credit rating downgrade, Boeing conducted a stock offering last month to raise $21.1 billion.
President Joe Biden congratulated the union for securing the agreement, saying, This is a victory for American workers and their families.
Contract Details
| Year | Wage Increase | Cash Bonus |
|---|---|---|
| 1 | 10% | $3,000 |
| 2 | 9% | $3,000 |
| 3 | 9% | $3,000 |
| 4 | 10% | $3,000 |
In addition to the wage increase and cash bonus, the contract also includes a $7,000 ratification bonus and a $5,000 contribution to workers' 401(k) accounts.
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