Boeing Workers Decide Fate of Crucial Contract Amid Tumultuous Year

Boeing's unionized factory workers are voting on whether to accept a proposed contract to end a seven-week strike. The contract includes a 38% pay raise over four years and other bonuses, but no pension restoration. A positive vote could resume plane production and stabilize Boeing's finances.

Boeing's factory workers face a pivotal choice as they vote on a proposed contract that could end a strike lasting more than seven weeks. The decision carries significant implications for the aerospace firm's financial stability and production lines.

The proposed contract offers a 38% wage increase over four years, accompanied by ratification and productivity bonuses, but falls short on restoring frozen pensions, a key sticking point for many workers. Union officials from the International Association of Machinists and Aerospace Workers are optimistic about the deal, urging members to secure the negotiated gains.

As negotiations continue, the strike has drawn attention, including from the Biden administration, signaling the broader impact of Boeing's labor challenges. The ongoing turbulence has already led to billions in losses, executive shifts, and major financial maneuvers to stave off credit downgrades.

(With inputs from agencies.)