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 >
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
Mar 22, 2024
(Reuters) - U.S. companies' purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be the primary drivers of corporate...
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
Mar 22, 2024
07:38 AM EDT, 03/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of a series of appearances by Federal Reserve officials that compensate for a lack of major US data. Fed Chairman Jerome Powell is scheduled to make opening remarks at a Fed Listens conference at...
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
Mar 22, 2024
WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives and Democratic-majority Senate on Friday will scramble to beat a midnight government shutdown deadline by passing a $1.2 trillion bill keeping the government funded through September. If they succeed, it will end a more-than-six-month battle over the scope of Washington's spending for the fiscal year that began Oct. 1. If they...
Fed Chair Powell says pandemic has had lasting effects on economy
Fed Chair Powell says pandemic has had lasting effects on economy
Mar 22, 2024
(Reuters) - Federal Reserve Chair Jerome Powell on Friday opened a Fed Listens event on how Americans are experiencing the economy, saying the pandemic has had lasting effects and that to make good policy the U.S. central bank cannot rely only on macroeconomic data but needs to hear directly from people and businesses. He did not make any remarks about the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved