Boeing, Union Reach Tentative Deal To End Strike, Ratification Vote Pending
Boeing and the union representing striking machinists have reached a tentative agreement to end a month-long strike, pending a ratification vote on October 23. The deal includes a 35% wage increase over four years, a $5,000 ratification bonus, and improved 401k contributions. The strike, which began on September 13, halted production of key aircraft models and cost Boeing an estimated $1 billion per month. The company is facing financial challenges and has announced job cuts and a hiring freeze amid the ongoing labor action.