Striking machinists at aircraft manufacturer Boeing Co. (BA) will vote on a new contract proposal from management that includes a 35% pay increase.
The International Association of Machinists and Aerospace Workers (IAM) union has said that it will put the contract proposal to a membership vote on Nov. 23.
If approved, the latest contract offer could end a month-long strike that has shutdown production at Boeing and cost the company more than $1 billion U.S. in financial losses.
The new contract includes 35% wage increases over four years, a signing bonus of $7,000 U.S., an annual bonus program, and higher contributions to a retirement fund.
The strike at Boeing began on Sept. 13 after more than 30,000 machinists rejected a tentative agreement that had included 25% wage increases over four years.
The work stoppage comes as Boeing also deals with a safety crisis stemming from a door plug blowing off on one of its 737 Max aircraft at the start of this year.
Citing the impact of the strike, on Oct. 11 Boeing announced that it was cutting 10% of its global workforce and that it will stop making 767 aircraft when its current orders are filled in 2027.
The company has warned that it will report a steep financial loss when it announces its latest quarterly results, also on Oct. 23.
The union voting to accept the new contract would be a win for new chief executive officer (CEO) Kelly Ortberg, who took the helm of the company in August of this year.
Boeing’s stock has declined 38% so far in 2024 and is currently trading at $155 U.S. per share.
