financetom
Economy
financetom
/
Economy
/
Boeing firefighters approve new contract deal
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Boeing firefighters approve new contract deal
May 30, 2024 7:28 PM

(Reuters) - Boeing ( BA ) firefighters voted on Thursday to approve a new four-year contract deal that will boost wages for workers and end a weeks-long lockout by the planemaker.

Boeing ( BA ) in early May locked out members of the International Association of Fire Fighters (IAFF) Local I-66 in Washington state after they rejected two contract offers, in a move that drew the concern of President Joe Biden, Washington state Governor Jay Inslee and many members of Congress.

Unionized firefighters voted 86-24 to approve the deal and firefighters will return to work on Saturday.

The four-year deal includes general wage hikes of 2% to 3% annually, with guaranteed overtime increasing annual pay on average by up to $21,216, as well as a $1,000 signing bonus and other compensation improvements, according to a joint fact sheet from the company and the union reviewed by Reuters.

The deal also includes job classification restructuring that allows more opportunities for promotion and will significantly reduce the time needed to get to top pay.

Boeing ( BA ) said on Thursday it is "pleased our firefighters have ratified a new contract and looks forward to them returning to work."

It did not disclose the additional financial burden on the company from the deal and did not respond to a question on that.

The company said in early May it had offered to increase firefighters' average take-home pay to $112,000 in the first year from $91,000.

The International Association of Machinists and Aerospace Workers is separately negotiating a new contract on behalf of more than 30,000 workers who build Boeing's ( BA ) 737 MAX jets.

IAFF I-66 President Casey Yeager said in an interview that those larger talks was a factor in the difficult talks with Boeing ( BA ). "Did Boeing really want to give into a 125-person local when they have 30,000 people coming up in the fall," he said.

Yeager added the deal brings wages for firefighters "into comparable range" of fire departments in the area.

Boeing 737 MAX production has fallen sharply as the Federal Aviation Administration steps up factory checks following a panel blowout on a new Alaska Airlines 737 MAX 9 in January, blamed on an assembly error. Boeing ( BA ) met with the FAA on Thursday to discuss its 90-day plan to boost quality.

(Reporting by David Shepardson; Editing by Muralikumar Anantharaman)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Iran war puts US companies into wait-and-see mode, Fed report says
Iran war puts US companies into wait-and-see mode, Fed report says
Apr 15, 2026
April 15 (Reuters) - U.S. economic activity increased and employment was steady in recent weeks, the Federal Reserve said on Wednesday in a report that also pointed to notable impacts from a surge in energy prices amid the ongoing Iran war. The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing, and...
Bessent says he is optimistic Warsh will be Fed chair 'on time'
Bessent says he is optimistic Warsh will be Fed chair 'on time'
Apr 15, 2026
WASHINGTON, April 15 (Reuters) - U.S. Treasury Secretary Scott Bessent on Wednesday said he was optimistic that Kevin Warsh, President Donald Trump's nominee for Federal Reserve Chair, would assume the post on time. He is going to have a hearing on the 21st of this month. He's a great candidate. We know that the Republicans on the Senate Banking Committee...
Exclusive-Fed's Musalem says oil shock likely to keep core inflation near 3%, rates on hold for some time
Exclusive-Fed's Musalem says oil shock likely to keep core inflation near 3%, rates on hold for some time
Apr 15, 2026
WASHINGTON, April 15 (Reuters) - High oil prices are likely to keep underlying inflation nearly a percentage point above the Federal Reserve's 2% target for the rest of this year, with the U.S. central bank likely needing to leave interest rates unchanged, St. Louis Fed President Alberto Musalem said on Wednesday. It's likely we're going to see some pass-through of...
US Economic Activity Up in Most Districts, Inflation Generally Moderate Outside Energy, Beige Book Shows
US Economic Activity Up in Most Districts, Inflation Generally Moderate Outside Energy, Beige Book Shows
Apr 15, 2026
02:37 PM EDT, 04/15/2026 (MT Newswires) -- US economic activity was up in most of the Federal Reserve Districts since the last Beige Book report, but there was weakness in some regions and energy price gains were widespread, the Federal Reserve's most recent update released Wednesday showed. Overall economic activity increased at a slight to modest pace in eight of...
Copyright 2023-2026 - www.financetom.com All Rights Reserved