The striking machinists at Boeing (BA) announced a contract settlement that will be voted on this week. The union said: “With the assistance of Labor Secretary Julie Su, this updated proposal between the Union and Boeing includes several important improvements aimed at resolving the strike. In addition to what was offered in the rejected offer of September 12, 2024, here is an overview of the most important elements. We plan to vote on this proposal on Wednesday, October 23, 2024. Wages: A general salary increase of 35%, spread over 4 years (12% in year 1, 8% in year 2, 8% in year 3 and 7% in year 2024). 4). Incentive Pay: The AMPP incentive plan is being reintroduced, with a guaranteed minimum annual payout of 4%. Includes 2024 payout in February 2025. Retirement: Company 401(k) match increased to 100% of the first 8% contributed, in addition to an automatic 4% company contribution. In addition, there is a one-time contribution of $5,000 to each unit member’s Boeing 401(k). Retirement: The BCERP multiplier benefit increases to $105 for incumbent employees. Ratification Bonus: A one-time bonus of $7,000. Illness Call: Reverts to the existing contract language call before removing the team language from the contract.”
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