financetom
Economy
financetom
/
Economy
/
Boeing labor deal angers many union workers ahead of vote, official says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Boeing labor deal angers many union workers ahead of vote, official says
Sep 11, 2024 5:07 AM

Sept 9 (Reuters) - A tentative labor contract agreed

between Boeing ( BA ) and one of its biggest unions has angered

many workers who were hoping for higher wage hikes and better

pensions, an official who negotiated the deal said on Monday.

The International Association of Machinists and Aerospace

Workers (IAM), which represents more than 32,000 workers in the

U.S. Pacific Northwest, announced the deal along with Boeing ( BA ) on

Sunday, sending the aerospace giant's shares higher on Monday.

It was not clear if IAM members would vote to accept the

deal, or choose to strike when they hold a vote on Thursday,

said Jon Holden, president of the IAM's district 751 and lead

negotiator on the Boeing ( BA ) contract.

"They're angry," Holden told Reuters, adding that he

believed it was the best deal the union could get in bargaining.

"The power is within our membership on the floor," he said

when asked if he thought the deal would be ratified.

The proposed four-year contract included a general wage

increase of 25% and a commitment by Boeing ( BA ) to build its next

commercial airplane in the Seattle area, providing the plane

program was launched within the four years of the contract.

Holden said many members wanted to hold out for a 40%

pay rise over the contract period and a reinstatement of the

defined-benefit pension plan they reluctantly gave up during a

round of negotiations a decade ago.

"It's hard to come off of 10 years when you lost so many

things that were critical," Holden said.

If union workers vote down the deal and decide to

strike, it would be a blow to new Boeing ( BA ) CEO Kelly Ortberg, who

took up his role last month with a mandate to improve safety and

ramp up production of Boeing's ( BA ) best-selling 737 MAX passenger

jet.

Boeing ( BA ) is wrestling with a quality crisis and faces

scrutiny from regulators and customers, after a door plug on a

near-new MAX blew off an Alaska Air ( ALK ) jetliner while in

mid-air in January.

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 >
Chicago and NY Fed directors favored discount rate cut in July
Chicago and NY Fed directors favored discount rate cut in July
Aug 27, 2024
(Reuters) -Members of the boards of directors overseeing the Chicago and New York Federal Reserve banks voted in favor of lowering by a quarter percentage point the central bank's discount rate during July, according to meeting minutes released on Tuesday. The Fed said in a press release that while 10 of the 12 regional Fed banks wanted to maintain the...
US job growth in year through March was far less than estimated
US job growth in year through March was far less than estimated
Aug 27, 2024
(Reuters) - U.S. employers added far fewer jobs than originally reported in the year through March, the Labor Department said on Wednesday, underscoring the growing concerns the Federal Reserve has about the health of the labor market as it gears up to start cutting interest rates in September. The department's estimate for total payroll employment for the period from April...
US consumer confidence rises in August
US consumer confidence rises in August
Aug 27, 2024
WASHINGTON (Reuters) - U.S. consumer confidence rose in August, but Americans are becoming more anxious about the labor market. The Conference Board said on Tuesday its consumer confidence index increased to 103.3 this month from an upwardly revised 101.9 in July. Economists polled by Reuters had forecast the index would be little changed from the previously reported 100.3. Consumers assessments...
US Dollar Falls Early Wednesday Ahead of FOMC Minutes, BLS Benchmark Revision Estimate
US Dollar Falls Early Wednesday Ahead of FOMC Minutes, BLS Benchmark Revision Estimate
Aug 27, 2024
07:29 AM EDT, 08/21/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the yen, as markets look ahead to the release of the minutes from the Federal Open Market Committee's July 30-31 meeting. While the FOMC maintained the 5.25%-5.50% range of the federal funds rate at that meeting, its...
Copyright 2023-2025 - www.financetom.com All Rights Reserved