Boeing Strikes Deal: A Milestone for West Coast Workers

Boeing's contract with West Coast factory workers was approved, marking an end to a seven-week strike. The four-year agreement includes a 38% wage increase and a $12,000 signing bonus. Retirement plans see improved 401(k) matches, while the deal includes a commitment to Seattle-based jet production.

In a significant development for Boeing's West Coast factory workers, a new contract proposal was ratified on Monday, concluding a lengthy seven-week strike. With 59% approval, the union-backed agreement presents a beneficial four-year term for the workforce.

This latest deal offers a substantial general wage increase of 38% and a signing bonus of $12,000. Union members also secured the restoration of annual performance bonuses, solidifying a potential 6% increase with a definitive 4% guarantee annually.

Notably, retirement benefits will see Boeing's 401(k) matching contribution elevated to 100% on 8% of employee earnings with an additional automatic contribution of 4%. The deal further paves the way for future Boeing commercial jet production in Seattle, contingent on the project's inception within the contract period.

(With inputs from agencies.)