In premarket movements today, Boeing’s shares rose 2% before the bell. The positive increase is due to the latest announcement by the struggling plane manufacturer in their latest effort to end strikes.
Today, Boeing increased its wage offer to The International Association of Machinists and Aerospace Workers (IAM) Union, which represents more than 30,000 striking workers. The union has endorsed the offer and announced that it will hold a ballot of its members on Monday.
Monday’s ballot will see 33,000 Boeing workers weigh in on the proposal – a wage hike that boosts pay by 38% over four years. The offer includes changes to workers’ retirement plans – however, it does not mention a return to the defined-benefit pension. As well as the stated pay rise, the offer includes a $12,000 bonus if a deal is reached – an increase from the previous offer of $7,000.
The IAM Union has shown its first signs that they are ready to reach a deal. “It is time for our members to lock in these gains and confidently declare victory,” an IAM social media post said, “We believe asking members to stay on strike longer wouldn’t be right as we have achieved so much success.”
Boeing stated that the current offer will raise the average annual salary to $119,309. “We encourage all of our employees to learn more about the improved offer and vote on Monday, November 4,” Boeing stated.
The IAM Union originally called for a 40% pay increase and has rejected two previous offers.
By CEO NA Editorial Staff
