Attention Extreme Investor Network readers! Today we have some exclusive insights into the ongoing strike at Boeing that you won’t find anywhere else. The more than 32,000 striking machinists from the International Association of Machinists and Aerospace Workers District 751 are gearing up for their third vote on a contract proposal that could potentially end the over seven-week work stoppage. This strike has put a halt on most of Boeing’s airplane production, which has been a significant blow to the struggling company.
The latest proposal includes a whopping 38% raise over four years, an increase from the previously rejected 35% raise. This offer comes after the initial deal that started the strike in September offered 25% raises, while the union initially pushed for 40% increases. The average machinist pay under this new proposal would be $119,309, reflecting the high cost of living in the Seattle area where Boeing’s aircraft are predominantly produced.
However, the union has cautioned that this might be the best deal workers can get at the moment, with a statement emphasizing the importance of locking in these gains for future negotiations. Boeing’s CEO, Kelly Ortberg, has also urged workers to return to work as the strike has taken a toll on various stakeholders, including customers, suppliers, and communities.
Boeing has already secured over $20 billion to stabilize its finances during this challenging period. With tensions running high and the future of Boeing hanging in the balance, it’s crucial for both parties to reach a resolution that benefits everyone involved.
For more exclusive updates on this ongoing Boeing strike and other top business news, stay tuned to Extreme Investor Network. We bring you the inside scoop on all things finance and investing!