Posts tagged IAM
Boeing strike ends as workers accept new contract
November 5, 2024 // Boeing has said the average annual machinists' pay at the end of the new four-year contract will be $119,309, up from $75,608 previously. The pay increase may add $1.1 billion to Boeing's wage bill over the four years, while a $12,000 ratification bonus for each union member could result in another $396 million in outflows, according to analysts at Jefferies. More than 26,000 union members voted, putting turnout near 80%.
Boeing and IAM announce new contract vote on Nov 4
November 1, 2024 // With the assistance of Secretary of Labor Julie Su, the International Association of Machinist (IAM) 751 & W24 will be allowing its 33,000 members on Monday, November 4, to vote on an updated contract offer by Boeing with hopes to ending a 49-day strike that has cost billions of dollars in lost revenue.
Boeing workers vote to reject contract deal, extending strike
October 24, 2024 // Boeing has announced plans to cut 17,000 jobs and is closing in on a plan to raise up to $15 billion from investors to help preserve its investment grade credit rating, while some airlines have had to trim schedules due to aircraft delivery delays. Ortberg warned on Wednesday there was no quick fix for the ailing planemaker.
Strike at Miller Brewing Co. ends after contract reached with parent company
October 20, 2024 // When the strike started, workers told WPR that Molson Coors had made it harder to schedule vacations, and that they hoped a wage increase would attract new employees to their shrinking workforce. The new contract “protects work-life balance and includes a family-sustaining wage increase,” according to Bloomingdale’s statement.
Unions Defy Their Leadership With More ‘No’ Votes on Contracts
October 16, 2024 // Fed up with inflation and seizing a moment of labor power, workers at Boeing, AT&T and Southwest reject deals negotiated by union bosses
Boeing’s labor strike is so bad that the US Labor Secretary just flew to Seattle to help
October 16, 2024 // Analysts at Anderson Economic Group estimated that the first month of Boeing's 33,000-worker strike, which started on September 13, cost the company and workers $5 billion. The last strike, in 2008, shuttered plants for eight weeks and hit revenue by an estimated $100 million per day. In regulatory filings Tuesday, Boeing announced plans to raise up to $35 billion. That includes a $10 billion credit agreement, while it may also sell up to $25 billion of securities.
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."
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.
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.
National Right to Work Foundation Issues Special Legal Notice to Boeing Employees Impacted by IAM Union Boss Strike Order
September 17, 2024 // Foundation notifies employees that those wishing to continue working during a strike should resign their memberships before returning to work