Boeing Machinists are set to vote on a new deal between the aerospace giant and International Association of Machinists and Aerospace Workers District 751. The union announced Saturday that it had reached a tentative agreement with Boeing.
The 33,000 Machinists will vote on the new agreement Wednesday. Boeing is also releasing its third-quarter earnings on the same day, which are likely to include a loss of $6 billion.
Lasting over a month so far, the ongoing strike has crippled Boeing, effectively halting its 737 production output. Last week, the manufacturer announced that it would lay off 10% of its workforce in a move to “align with our financial reality,” CEO Kelly Ortberg told employees.
According to the union, the latest tentative deal includes 35% pay increases over four years, a five percent increase from previous offers. Boeing will also extend a $7,000 one-time bonus after the contract is signed, a $1,000 increase over the September proposal.
A number of other improvements were also included in the new deal, including retirement plan enhancements and incentive pay. Acting U.S. Secretary of Labor Julie Su helped broker the latest proposal.
