• Boeing strike ends as workers accept 38% pay rise deal
• The deal also includes a $12,000 one-time bonus and updates to retirement plans
• The strike, involving about 30,000 workers, began on 13 September
• The walkouts significantly slowed production at Boeing’s factories

Boeing strike ends as workers accept 38% pay rise deal

Boeing workers have ended their seven-week strike after voting to accept the company’s latest pay offer. The new contract will give the workers a 38% pay increase over four years, along with a $12,000 one-time bonus and updates to retirement plans. The strike, involving about 30,000 workers, began on 13 September and significantly slowed production at Boeing’s factories, worsening the company’s financial challenges.

The International Association of Machinists and Aerospace Workers (IAM) announced that 59% of members voted in favour of the deal. Union leader Jon Holden stated that the strike was essential for securing fair wages and respect in the workplace. Boeing’s CEO, Kelly Ortberg, expressed optimism about moving forward, emphasising that the company needs to work hard to regain its standing.

The strike has cost Boeing nearly $10 billion, as estimated by Anderson Economic Group, and contributed to an operating loss of $4 billion in its commercial aircraft division for the third quarter. Boeing has also launched a share sale to raise over $20 billion to stabilise its finances. Concerns had risen that a prolonged strike might hurt the company’s credit rating, increasing borrowing costs.