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Boeing Workers to Approve New Wage Offer, Reports Suggest
November 4, 2024
Reports suggest that Boeing’s West Coast factory workers will approve a new wage offer, potentially ending a seven-week strike. They are set to vote on a contract offering a 38% wage increase over four years, along with a $12,000 ratification bonus. However, this proposal does not restore the defined-benefit pension that workers had demanded. Union leaders claimed they have negotiated as much as possible with Boeing, warning that future offers might worsen. Analysts noted that the proposal includes a 401(k) option, which could attract pension advocates. However, Reuters notes that some workers are still determined to stick to the full 40% wage increase. As per Dino Kritikos, MD at Fitch Ratings, “The proposal’s economics are a material improvement for labor. Union leadership’s endorsement, unlike the most recent proposal, should help further bridge the vote towards ratification”.
Following the update, Boeing’s shares rose 3.5% on Friday. Its bonds were trading broadly stable with its 3.3% 2035s at 78.8, yielding 6.1%.
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