Striking Boeing Machinists Vote to Ratify New Contract

Boeing has confirmed that its striking machinists in Washington, Oregon and Kansas have voted to ratify a new four-year contract. About 27,000 employees represented by the International Association of Machinists and Aerospace Workers (IAM) began returning to work on Sunday, ending a 58-day walkout.

Scott Carson, Boeing Commercial Airplanes president and CEO, said, "This new contract addresses the union's job security issues while enabling Boeing to retain the flexibility needed to run the business. It rewards employees for their contribution to our success with industry-leading pay and benefits and allows us to remain competitive."

The contract calls for general wage increases of 15% over four years, an immediate 16% pension increase and lump-sum payments of at least $8,000 over the life of the agreement.

The new contract is for four years, longer than Boeing has typically negotiated with the IAM, which should mean longer-term stability for Boeing, its employees, customers, suppliers and communities.

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