Boeing workers of United States (US) have agreed to accept the aviation giant’s new pay offers, which brings an end to a strike that lasted for seven weeks and caused multiple issues.
According to BBC, around 30,000 Boeing workers were on strike demanding 40% wage increase since September 13, which lead to an intense slowdown at the plane’s factories intensifying the crisis at the company.
Under the the new contact, the workers will receive a 38% pay raise over the next four years.
The International Association of Machinists and Aerospace Workers (IAM) union says that workers can return to their jobs by Wednesday or as late as November 12.
In addition to this, IAM revealed that 59% of workers demanded a new deal, which contains a one-off $12,000 bonus and a change to worker’s retirement plans.
Jon Holden, leader of union said, "Through this victory and the strike that made it possible, IAM members have taken a stand for respect and fair wages in the workplace.”
The Aircraft Industry Company has been trying to stabilize its finances and end the strike, which has already cost nearly $10 billion, the Anderson Economic Group disclosed.
Earlier in October, the company’s commercial aircraft division reported an operating loss of $4 billion for the quarter ending in September.
It is pertinent to note that Boeing had launched a share sale to raise over $20 billion, following warnings that a prolonged strike could lead to a downgrade of Boeing’s credit rating, which would make it more expensive to borrow the money
