Breaking News: Boeing Machinists Reach Tentative Contract Agreement
After weeks of striking, the machinists’ union at Boeing has announced a tentative contract settlement that will be put to a vote on Wednesday, October 23, 2024. The agreement, facilitated by Secretary of Labor Julie Su, includes several key improvements aimed at resolving the strike.
Wage Increases and Incentives
The proposed contract offers a 35% general wage increase spread over four years, with significant bumps in the first two years. Additionally, the AMPP incentive plan is reinstated, guaranteeing a minimum annual payout of 4%. This includes a payout in February 2025, providing employees with a welcome financial boost.
Retirement Benefits Enhanced
The company’s 401(k) match has been increased to 100% of the first 8% contributed, alongside a 4% automatic company contribution. Furthermore, each unit member’s Boeing 401(k) will receive a one-time $5,000 contribution. These changes demonstrate a commitment to supporting employees’ long-term financial security.
Pension and Bonus Provisions
The BCERP multiplier benefit has been increased to $105 for vested employees, providing a significant boost to their pension entitlements. Moreover, a one-time ratification bonus of $7,000 will be paid to employees upon approval of the contract.
Sick Time Policy Reverts to Existing Language
In response to employee concerns, the sick time call-out policy will revert to the existing contract language, removing the requirement to call in before shifts.
Next Steps
The proposed contract will be voted on by union members on October 23, 2024. If approved, the agreement will bring an end to the strike and pave the way for a return to normal operations at Boeing.
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