20 sources·Business

Boeing Machinists End 53-Day Strike with New Contract Approval

Boeing machinists ratified a contract ending a 53-day strike, featuring significant pay raises, but pension reinstatement demands remain unmet.

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Updated: Nov 5th, 2024, 6:08 AM ET

Summary

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Boeing machinists have ratified a new contract after a 53-day strike, approving a 38% pay increase over four years with a ratification bonus. While CEO Kelly Ortberg expressed relief, demands for a restored pension plan were not met. The strike significantly impacted Boeing's financial situation, costing nearly $10 billion. As production resumes, workers can return as early as November 6, but some will require retraining after the prolonged absence. Reactions among union members vary, with some celebrating the deal while others express dissatisfaction over unmet demands.

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