Boeing's Striking Machinists Vote On New Contract Proposal With Support From Both Sides

Boeing Co’s BA striking machinists are set to vote on a new labor contract proposal on Monday that could end the more than seven-week-long strike.

What To Know: Boeing’s latest contract proposal includes a 38% wage increase over four years, up from the 35% increase that was rejected near the end of last month, according to CNBC.

The latest contract offer is Boeing’s fourth offer and represents the third time the International Association of Machinists and Aerospace Workers (IAM) have voted on a new labor deal. The previous two proposals were rejected, with the latest seeing 64% of members vote against the proposed resolution.

A simple majority would end the strike and bring workers who walked off the job on Sept. 13 back to Boeing on Nov. 12. Union members will have until 10 p.m. ET to cast their votes on Monday. Anyone who is in line by 10 p.m. will be allowed to vote, according to a post from IAM Union District 751.

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Boeing reportedly said machinists will average $119,309 in compensation at the end of the four-year contract proposal. Boeing initially offered workers a 25% increase over four years, but the union has been pushing for 40%. IAM reportedly told members last week that this deal might be as good as it’s going to get.

“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the IAM Union District 751 said in a statement.

“We are at that point now and risk a regressive or lesser offer in the future.”

Recently appointed Boeing CEO Kelly Ortberg also called on workers to return to Boeing in a note to employees on Friday.

“It's time we all come back together and focus on rebuilding the business and delivering the world's best airplanes. There are a lot of people depending on us,” Ortberg said.

Boeing is reportedly losing more than $100 million a day amid the ongoing union strikes. Boeing announced an offering last week to raise more than $20 billion a week after the company reported a quarterly loss of $10.44 per share and said it will continue to burn cash in 2025.

BA Price Action: Boeing shares were up 0.82% at $155.79 at the time of publication Monday, per Benzinga Pro.

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