Boeing Strikes End as Workers Accept Latest Deal

Facts

• Union members from the International Association of Machinists and Aerospace Workers (IAM) in Seattle voted to accept the latest pay offer from Boeing on Monday, ending more than seven weeks of strikes that reportedly cost the aviation giant $50M a day.^[1]
• Members voted by 59% to approve the latest offer. It included a 38% pay rise over four years, a $12K signing bonus, and retained a performance bonus that the company wanted to eliminate.^[1]
• "This is a victory. We can hold our heads high," Jon Holden, the union's chief negotiator, said. "Now it's our job to get back to work."^[2]
• Meanwhile, in a statement, Boeing CEO Kelly Ortberg welcomed the outcome. "While the past few months have been difficult for all of us, we are all part of the same team," he said. "We will only move forward by listening and working together. There is much work ahead to return to the excellence that made Boeing an iconic company."^[3]
• While the latest offer also secured increased pension contributions from Boeing, it did not restore an old defined-benefit plan that employees had wanted the firm to reinstate.^[3]
• Holden acknowledged that this was likely why 41% voted against the latest offer. "They weren't wrong in feeling the way they did," he said. "I agree with them. We just couldn't get the pension out of this company. We'll continue working on that issue."^[3]

Sources: ^[1]AP News, ^[2]Reuters and ^[3]CNN.

Narratives

• Narrative A, as provided by WSJ. In an act of self-sabotage, Boeing workers held the company hostage for seven weeks, allowing it to bleed millions of dollars a day. While Boeing is relieved to have this issue resolved and is ready to resume production of its planes and generate some much-needed cash, it has an uphill battle as it's in a weaker position than it was before.
• Narrative B, as provided by The News Tribune. This deal is a band-aid solution that fails to meet some of the striking workers' most essential demands. The union members will continue to fight for what they deserve, including the restoration of the defined-benefit pension scheme. This debacle is far from over.