Striking machinists at Boeing Co. (BA) are voting on the latest contract offer from management as the work stoppage at the aerospace company enters its third month.
The 32,000 striking machinists are voting on a new collective agreement that would provide them with a 38% pay raise over four years, enhanced healthcare and retirement benefits, and a $7,000 cash bonus for signing the deal.
The union that represents the machinists has been pushing for a pay increase of 40% over four years.
If a simple majority of the machinists vote in favour of the new contract, it will end a strike that has been ongoing for seven weeks and costing Boeing an estimated $1 billion U.S. per month.
Boeing said the average pay for one of its machinists will be $119,309 U.S. per year, excluding overtime pay, at the end of the new four-year contract.
The union, which has been talking tough until now, has warned that the latest contract proposal might be as good a deal as workers are going to get from Boeing.
“We risk a regressive or lesser offer in the future,” said the International Association of Machinists and Aerospace Workers in a news release announcing the union vote.
Boeing’s new chief executive officer (CEO) Kelly Ortberg, who took the helm of the company in August of this year, is also urging workers to accept the latest contract that’s been offered.
“It’s time we all come back together and focus on rebuilding the business,” he said in a company statement.
Boeing’s stock has declined nearly 40% this year and is currently trading at $154.59 U.S. per share.
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