Robert Besser
05 Aug 2022, 15:19 GMT+10
SEATTLE, Washington: A union representing nearly 2,500 employees at three Boeing defense locations in the St. Louis area canceled a strike that was set to begin this week, stating they will instead vote on a revised contract offered by the company.
An overnight bargaining session led to the new Boeing offer and workers will vote whether to accept it, said the International Association of Machinists and Aerospace Workers (IAM).
Under the new offer, the company is dropping its revised 401(k) match proposal, and employees can instead opt to receive an $8,000 lump sum payment or can choose to have the entire amount deposited in a 401(k) plan.
In a statement, Boeing said, "This new offer builds on our previous strong, highly competitive one and directly addresses the issues raised by our employees. We are hopeful they will vote yes."
Boeing said on 24th July that it was activating a contingency plan in the event of strikes at the three plants in Missouri and Illinois which build the F-15 and F-18 fighter jets, as well as the T-7A trainer.
The standoff began after the IAM criticized Boeing's 401(k) payments in the contract and workers rejected the Boeing offer.
On 24th July, the IAM said, "Boeing previously took away a pension from our members, and now the company is unwilling to adequately compensate our members' 401(k) plan."
Boeing provides a 4 percent company contribution and a 75 percent match on the first 8 percent of an employee contribution.
Get a daily dose of Florida Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Florida Statesman.
More InformationWASHINGTON D.C.: A small group of Republicans in the House of Representatives stopped a bill supported by their leader, Speaker ...
OKLAHOMA CITY, Oklahoma: An Oklahoma school board has approved the application of the Catholic Church to establish the first religious ...
NEW YORK CITY, New York: In his second Twitter Spaces event for a 2024 White House candidate, Elon Musk hosted ...
WASHINGTON D.C.: Amtrak CEO Stephen Gardner said this week that despite projected losses of $800 million for the current budget ...
WASHINGTON D.C.: The Biden administration has announced that it is providing grants worth $570 million to eliminate many dangerous railroad ...
PARIS, France: According to a report by BFM TV, Britain's King Charles is considering a visit to France in September, ...
NEW YORK CITY, New York: Tesla shares closed 4 percent higher on June 9 after General Motors joined Ford in ...
NEW YORK CITY, New York: Due to tighter lending standards from regional banks, US hotel developers are finding it more ...
DETROIT, MICHIGAN: Ford has announced that due to an engine defect that could cause fires, it will expand and issue ...
NEW YORK, New York - The bulls had the upper hand again on Friday, pushing the major indices to new ...
LOS ANGELES, California: After adjusting its battery supply chain to qualify for federal credits and other tax breaks, Tesla's Model ...
NEW YORK CITY, New York: Before the start of its annual Worldwide Developers Conference this week, Apple shares hit a ...