Boeing Workers Vote To End Strike

On Nov. 4, with an 80% turnout rate among the 33,000 unionists members of International Association of Machinists (IAM) Local 751, the union members voted by a margin of 59% to accept the third offer from Boeing and return to work, reported the Washington Post. The union had demanded a 40% wage increase over the four years of the contract and essentially won their demand. The wage increase is 38%, but there is also a signing bonus of $12,000, increases in company contributions to the retirement plan, and other benefits. One area of contention was the union demand to return to a traditional retirement plan of guaranteed fixed benefits, which was lost a decade ago. Instead, the company will continue with the more speculative 401(k) plan, which can give a false sense of security of high returns one day, but only pennies the next day, depending on the boom and bust cycles in the financial markets.