DALLAS — In a bid to end the ongoing strike, Boeing has presented a "Best and Final Offer" (BAFO) to the International Association of Machinists and Aerospace Workers (IAM) District Lodges 751 and W24.
The offer, detailed in a letter dated September 23, 2024, from Mike Fitzsimmons, Boeing's Vice President of Labor Relations, outlines several key improvements to the company's previous proposal.
The modified terms include:
- A substantial wage increase of 30% over four years, with 12% in the first year, 6% in years two and three, and 6% in the fourth year.
- A significant ratification bonus of US$6,000 for Local 34 members.
- Reinstatement of the AMPP incentive plan, replacing an earlier proposal to contribute to the IAM's Machinist Retirement Savings Plan.
- An enhanced company match on the Boeing 401(k) Plan, increasing to 100% of the first 8% and a continued 4% automatic Company contribution.
Boeing emphasizes that this offer is a testament to the significant contributions of its employees to the company's success and future. The company is urging union leadership to present this offer to their membership for a vote as soon as possible, aiming to end the current strike and allow employees to return to work.
The offer is contingent on ratification by 11:59 PM PT on Friday, September 27, 2024, underscoring the urgency of the situation and Boeing's desire to resolve the labor dispute quickly.
This latest proposal represents a significant step in negotiations between Boeing and its mechanics' union, potentially bringing an end to a strike that has impacted the aerospace giant's operations.
The outcome of this offer could have far-reaching implications for both the company and its workforce as they seek to move forward and focus on Boeing's recovery and future prospects.
Response from IAM Union
Brian Bryant, International President of IAM, the union that represents 33,000 striking Boeing workers, issued the following statement in response to Boeing's proposal:
"Right now, the latest proposal from the company is being reviewed. Some of the top priorities to achieve a settlement remain and always have been ensuring respect and fair pay, recognition of the sacrifices these workers have made, along with progress on retirement security and other key issues. Boeing executives have always known they could do better and this proposal shows the company can do better. This news validates every step that hardworking Boeing employees have taken on the picket line thus far. Employees knew Boeing executives could do better, and this shows the workers were right all along. The proposal will be analyzed to see if it's up to the task of helping workers gain adequate ground on prior sacrifices."
Find out more details of Boeing's BAFO here.
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