Boeing Workers End Seven-Week Strike By Accepting New Contract With Major Pay Increases

Boeing Co.‘s BA 33,000 International Association of Machinists and Aerospace Workers ratified a groundbreaking four-year contract, achieving a 43.65% compounded wage increase and a $12,000 ratification bonus.

What Happened: This deal, supported by President Joe Biden and Vice President Kamala Harris‘ administration and facilitated by Acting U.S. Secretary of Labor Julie Su, ends a nearly two-month strike across Washington, Oregon, and California.

The contract introduces key benefits, including a 38% wage increase over four years, enhanced retirement contributions, and improved health benefits.

IAM leaders Jon Holden and Brandon Bryant praised the agreement, calling it a major victory for the middle class and a new standard for aerospace industry workers.

Price Action: Boeing’s stock closed at $155.07 on Monday, marking a modest gain of 0.31% during regular trading hours. In after-hours trading, the stock saw an additional rise, climbing 0.63%. Year to date, however, Boeing’s stock has faced a significant decline, down 38.41%, according to data from Benzinga Pro.

Read Next:

• Palantir’s AI Gamble Pays Off As Customer Revenue From Single Customer Jumps 12x In Under 8 Months — Alex Karp Quips: ‘We Should Just Go Home’

Image via Flickr

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote