Welcome to Extreme Investor Network, where we bring you the latest and most insightful business news. Today, we are talking about the ongoing strike at Boeing that has been making headlines.
Boeing recently sweetened its contract offer to more than 30,000 machinists, calling it their “best and final” proposal as the strike entered its second week. The new offer includes a 30% increase in general wages over four years, a doubled ratification bonus of $6,000, reinstated annual bonuses, and an increased 401(k) match.
The strike is proving to be costly for Boeing, with estimates of $50 million in losses per day. Analysts warn that the longer the strike lasts, the greater the risk of a credit downgrade for the company. Both Boeing and the International Association of Machinists and Aerospace Workers are feeling the pressure to reach a deal.
Workers have cited the high cost of living in the Seattle area as a reason for rejecting the initial contract proposal. Some have already started taking on side jobs to make ends meet during the strike.
Stay tuned to Extreme Investor Network for more updates on this developing story and other business news. Don’t forget to check out our CNBC airline news section for related articles.