FX.co ★ IAM Union Members Reject Boeing's New Proposal; Strike Continues

The International Association of Machinists and Aerospace Workers Local 751 has declared on social media that 64% of its members have voted against accepting a new labor contract proposed by Boeing Co. Consequently, the strike will persist at all specified picket lines.

Boeing's revised proposal included a wage increase of 35% over four years, a $7,000 signing bonus, the reintroduction of an incentive plan, and improved contributions to employees' 401(k) retirement savings. This offer featured a one-time $5,000 addition with employer contributions of up to 12%. However, it did not reinstate the traditional pension plan, which the union members lost a decade ago.

More than 33,000 members of IAM at Boeing facilities in Washington, Oregon, and California have been on strike since September 13.

On Wednesday, Boeing revealed a third-quarter net loss for shareholders amounting to $7.95 billion, or $12.91 per share, a significant increase from the $2.20 billion or $3.64 per share loss reported in the same quarter the previous year.

Earlier this month, Boeing announced plans to reduce its workforce by approximately 10%, or about 17,000 employees, due to continued financial setbacks and production delays resulting from the machinists' strike.

Boeing retracted its pay proposal to the approximately 33,000 IAM members, stating that the union did not engage seriously with the proposals after two days of negotiations.

Last month, Boeing presented what it termed its 'best and final' offer to employees, suggesting a 30% salary increase over four years, which fell short of the 40% increase demanded by the union.