Oct 20, V7N - Boeing workers, represented by the International Association of Machinists and Aerospace Workers Local 751, are set to vote on a new contract proposal on Wednesday, which could end a five-week strike. The proposal includes a 35% pay increase over four years, a $7,000 ratification bonus, and enhanced 401(k) contributions. Around 33,000 West Coast Boeing workers have been striking since September 13, halting production of key Boeing aircraft like the 737 MAX, 767, and 777, further straining the company's finances.

Earlier proposals, including one with a 30% wage increase, were rejected by workers seeking a 40% wage hike and the restoration of a defined-benefit pension, which remains absent in the current offer. Despite this, union officials expect the new deal to be approved, although some older workers may express dissatisfaction over the lack of a defined-benefit pension.

Boeing has faced significant financial and operational pressures recently, including job cuts and safety investigations by the FAA, adding urgency to resolving the strike. The labor dispute is also expected to impact U.S. employment data, with economists estimating that the strike could have subtracted up to 50,000 jobs from October's payroll figures.

END/WD/RH