Boeing reaches tentative labor deal with 25% pay hike, new plane commitment
SUMMARY
Boeing has struck a tentative four-year agreement with the IAM, covering over 32,000 workers in the Pacific Northwest. The deal features a 25% wage increase and a commitment to build the next commercial jet in the Seattle area, potentially averting a strike set for September 13. The agreement also includes improved retirement benefits and enhanced union input on safety and quality. Boeing faces financial strain, posting a $1.44 billion net loss for Q2 and dealing with quality issues. IAM representatives called it the best contract in their history, though the deal requires approval from Boeing factory workers on September 12. If ratified, it will secure labor peace and support Boeing’s efforts to address its financial and quality challenges.
