Boeing union ends strike, 30,000 mechanics receive a 38% pay raise

According to The Wall Street Journal, on the evening of November 4 local time, Boeing factory workers in the United States approved the latest labor contract with a 59% voting rate, ending a 53-day strike. According to a summary of the contract published on Boeing's official website, over the next four years, approximately 33,000 members of the International Association of Machinists and Aerospace Workers (IAM) will receive a 38% wage increase and a $12,000 signing bonus, with average salaries expected to reach $119,000; regarding the pension plan, the company has committed to a 100% match on the first 8% of employee contributions and will automatically contribute 4% from the company. Jon Holden, chairman of the IAM union local, stated when announcing the voting results: “This contract is different from the past; we had significant influence this time.” “Tonight is a decisive moment; it’s time for us to unite.” It is reported that the union initially demanded a 40% wage increase, while Boeing's initial offer was only 25%. The two sides had conducted two rounds of negotiations before reaching a final agreement. Due to the prolonged strike by workers, Boeing's supply chain and related airlines have been widely affected. Reports indicate that IAM employees will return to work this Wednesday, but Boeing stated that it will take several weeks to restart production of the Boeing 737 and several months to return to the production levels seen at the beginning of the year. Currently, Boeing is facing delivery pressure from major airlines for jets, and due to a previous incident involving an air door falling off, the company is also facing regulatory scrutiny challenges