Nov. 1 (UPI) — The union representing tens of thousands of striking Boeing machinists has endorsed the U.S. aerospace company’s latest contract proposal.
The International Association of Machinists and Aerospace Workers announced it was endorsing the most recent contract proposal from Boeing in a statement Thursday.
A vote on the proposal has been scheduled for Monday, the union said.
“It is time for our members to lock in these gains and confidently declare victory. We believe asking members to stay on strike longer wouldn’t be right, as we have achieved so much success,” the union said.
Approximately 33,000 Boeing union members walked off the job and onto picket lines Sept. 13 after the two sides failed to come to an agreement on a new contract.
The work stoppage has seen hundreds of Spirit AeroSystems employees furloughed, Boeing laying off 17,000 workers and the delay of its 777X widebody plane introduction until 2026.
Key aspects of the proposal endorsed on Thursday include a 38% wage increase spread over four years, an incentive pay plan with a guaranteed minimum annual payout of 4%, an increased company 401(K) match and a one-time ratification bonus of $12,000.
“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the union said. “We are at that point now and risk a regressive or lesser offer in the future.”
Boeing told UPI in an emailed statement that the average annual machinist pay at the end of the four-year contract will be $119,309, an increase of about $43,700 from the previous contract’s average of $75,608.
This is not the first time the union and Boeing have come to an agreement amid the strike.
On Oct. 24, 64% of union members voted against a tentative deal with Boeing that included a 35% pay hike over four years and a $7,000 signing bonus.
Voting on Monday has been scheduled from 7 a.m. to 7 p.m. local time at eight designated locations. Union members will be presented with one ballot each to either accept or reject the bargaining agreement.
If accepted, union members can return to work as early as the first shift Wednesday, the union said.