“Our members are critical to that mission and now have a stronger voice in the decision-making process to ensure the necessary improvements are made,” Holden said. 'There is no Boeing without the IAM' has been our rallying cry, and we are prepared to once again do our part to return this company to the standard it should never have deviated from.”
According to Bloomberg, Boeing expects to “continue to burn cash through 2025” as employees help the embattled company ramp up production again. Boeing previously promised employees that the company would build Boeing's next plane in Washington's Puget Sound region. Over the four-year life of the deal, Boeing will likely pay more than $1 billion in higher wages to employees, estimates Jefferies analyst Sheila Kahyaoglu.
To finance this build-out, Boeing raised $23 billion last week by selling shares to banks, a capital sale that Bloomberg said was “one of the largest ever of its kind by a publicly traded company.”
In addition to historic pay increases, employees have also seen gains such as better short- and long-term disability plans, better control of health care costs, better overtime rules and important job security benefits. Holden praised the workers for reaching a “groundbreaking” agreement that would “set a new standard for compensation and wages for workers in the aerospace industry.”
“Living wages and benefits that can support a family are essential – not optional – and this strike underscored that reality,” Holden said. “This contract will have a positive impact on the lives of Boeing employees and their families. We hope these achievements will inspire other workers to organize and join a union. Boeing's frontline workers have used their voices, their collective power and their solidarity. to do what is right, to stand up for what is fair – and to win.”
