Boeing Strike Deal: IAM Union to Vote on New Offer

‍DALLAS — Boeing has forwarded a negotiated proposal and resolution to the IAM Union District 751 to end the strike.

Along with other contract information to provide to IAM members, the union has shared via X that it was finishing the strike settlement agreement shortly, with the most recent Boeing proposal dated today, October 19, 2024.

Thanks to Secretary of Labor Julie Su, this revised plan between Union and Boeing include numerous important changes meant to help to resolve the strike. 

With the Machinists Retirement Savings Plan (MRSP) eliminated, the manufacturer is providing the following enhancements to the September 12 rejected offer:

• Wages: A 35% general wage increase spread over 4 years (12% in Year 1, 8% in Year 2, 8% in Year 3, and 7% in Year 4).
• Incentive Pay: The Aerospace Machinists Performance Plan or AMPP incentive plan is reinstated, with a guaranteed minimum annual payout of 4%. Including 2024 payout in February, 2025.
• Retirement: Company 401(k) match increased to 100% of the first 8% contributed, in addition to a Special Company Retirement Contribution of 4% guaranteed company contribution. Additionally, there is a one-time US$5,000 contribution to each unit member's Boeing 401(k).
• Pension: The Boeing Company Employee Retirement Plan (BCERP) multiplier benefit increases to US$105 for vested employees.
• Ratification Bonus: A one-time bonus of US$7,000.
• Sick Time Call-Out: Reverts to the existing contract language’ call in before shift language removed from contract.

Not factoring in any annual COLA fold-in, members at the MAX rate will get a 39.78% pay increase during the four-year contract. When seniority progression is added, those in progression will enjoy even more percentage gain during the agreement term. 

The Union added that it was safe to claim that it had reached its goal of achieving an over 40% pay rise as per the new agreement terms. Now it's up to its member to accept said terms.

Voting for this new proposition is scheduled for Wednesday, October 23, 2024, the same day as Boeing’s Q324 earnings call.