Posts tagged Boeing
Machinists’ strike could cost Boeing $1 billion a month, estimate suggests
October 10, 2024 // Right now, Boeing is graded a BBB- on the S&P scale, meaning the company has "adequate capacity to meet financial commitments," but is "more subject to adverse economic conditions." With the strike nearing the end of its first month with no end in sight, the financial analysis company could downgrade the aerospace manufacturer to a BB rating, meaning it faces "major ongoing uncertainties to adverse business, financial and economic conditions." This would drop the company below an investment-grade rating. In a statement sent Tuesday night, Boeing COO Stephanie Pope said the strike has "deeply affected our business, our customers and our communities," but said the company remains committed to reaching an agreement with machinists that "recognizes our employees and preserves our company's future." Pope alleged that during the latest negotiations the union made demands "far in excess of what can be accepted if we are to remain competitive."
Commentary: Labor unions are mobilizing in new and old industries alike
October 6, 2024 // How job security issues are addressed following this wave of strikes could set the tone for what other hospitality, manufacturing and transportation unions seek when their contracts are up for negotiation again.The Conversation
Op-Ed: Biden’s Longshoreman Strike
October 3, 2024 // American ports are less efficient than most in the world owing to union work rules and restrictions on automation.
Boeing drama: Imagine if a recent proposal to pay striking workers UI benefits had become law
October 1, 2024 // Giving UI benefits to striking workers would create an imbalance between business and labor, make strikes more frequent and lengthy, increase costs and services for consumers and hurt other workers in the state who are told they can rely on unemployment benefits. Giving fund dollars to people choosing not to work should offend all Washington state workers. These union-favor bills failed to pass the finish line in the last moments of the 2024 session, but big labor promises the policy proposal will be back. I hope lawmakers aren’t into it, especially after being able to clearly see what a Boing strike could do to the fund.
OPINION: For Workers, Strikes Offer High Risk, Low Reward
September 30, 2024 // The only way to avoid union retaliation is cancelling membership entirely. Beyond the rank-and-file, consequences of union strikes impact consumers, too. Last year, the healthcare industry, for example, saw the largest work stoppage in United States history as 75,000 hospital employees across five states plus Washington, D.C. walked off the job
Boeing strike costs top $1.4 billion as pressure on company mounts
September 27, 2024 // The second week of the strike was more costly than the first, “as is typical for major industrial strikes,” Anderson noted. After union members overwhelmingly voted to reject an initial contract proposal earlier this month, the IAM refused to vote this week on Boeing’s “best and final offer” that included a 30 percent pay hike and a $6,000 contract ratification bonus, double the initial offer.
Textron Aviation workers go on strike after rejecting company’s offer
September 24, 2024 // If the strikes continue over a month, issues could form in the supply chains. Other workers who talked to KSN on Monday after the strike began say the negotiations were helpful but did not go far enough. “The negotiations got pretty far, said Troy Greene, who is also a shop steward. “There were some things in the deal that were pretty good. But we decided to hold out and get what we think we deserve.”
Boeing union members are angry they lost their pension plan. They’re not likely to get it back
September 24, 2024 // But the fact is that the traditional pension plans, once a staple of the retirement of many workers, have become exceedingly rare in the modern American workplace. And once a company drops traditional pensions plans to shift employees to a 401(k) type of retirement account, they are almost always gone for good. While other unions have also sought to have lost pension plans restored, as the United Auto Workers union did during its successful strike at General Motors, Ford and Stellantis last fall, no American union has ever succeeded in bringing them back. Even though the auto strike produced a deal with record pay raises and other gains for the UAW, it did not restore pension plans to workers hired since 2007.
Commentary: Labor strikes add to Harris union headache after Teamsters snub
September 23, 2024 // The announcement laid bare what could be a major liability for Harris ahead of the election. She is supported by most labor leaders, but rank-and-file members could deny her the presidency if they show up instead for Trump. But Harris also has a second emerging labor headache: Several unions are considering strikes, threatening to upend supply chains weeks out from the November election. Last Friday, more than 30,000 Boeing workers walked off the job, and dockworkers at ports along the Gulf and East coasts are threatening their own strike next month. United Auto Workers President Shawn Fain similarly announced on Tuesday his organization will hold strike authorization votes against auto manufacturer Stellantis.
Boeing Worker Side Hustles Could Drag Strike Out for Months
September 23, 2024 // But as workers stare down the embattled manufacturer for better pay and benefits, the 33,000 members of IAM District 751 have the full benefit of a tight labor market and gig economy that provides a quick transition into jobs that help make ends meet. That gives the union bargaining leverage, potentially frustrating Boeing’s effort to swiftly end a conflict that’s costing it an estimated $100 million each day. While the battle between one of the world’s largest exporters and its blue-collar workers may look like an uneven fight on its surface, Boeing finds itself in an increasingly untenable situation with its finances so dire that it can ill afford a drawn-out paralysis.