Boeing strike could drag on as workers push for higher wages, union leader says
)"could go on for a while" as workers are confident they can get bigger wage increases and an improved pension, union leader Jon Holden said in an interview with National Public Radio on Saturday. More than 30,000 members of the International Association of Machinists and Aerospace Workers , who produce Boeing's top-selling 737 MAX and other jets in the Seattle and Portland, began a strike on Friday after overwhelmingly voting down a new contract.
Boeing and union negotiators are due to return to the bargaining table next week, in talks overseen by U.S. federal mediators, after more than 94% of workers voted to reject an initial contract offer that Holden had endorsed. Holden said the priorities for his members were a bigger wage increase and the restoration of a defined-benefit pension scheme that the IAM lost during a previous round of negotiations with Boeing a decade ago. "We have the most leverage and the most power at the most opportune time that we've ever had in our history, and our members are expecting us to use it," Holden told NPR. "I know that our members are confident. They're standing shoulder to shoulder and they're ready. So it could go on for a while." The initial deal included a 25% pay rise spread over four years and a commitment by Boeing to build its next commercial jet in the Seattle region, if the plane program was launched within the four-year period of the contract. Union members, venting frustration at years of stagnant wages and rising living costs, said removal of a performance bonus in the Boeing offer would erode half of the headline salary increase. Boeing's stock fell 3.7% on Friday. It has tumbled almost 40% so far this year, slashing the company's market value by roughly $58 billion A long strike could further damage Boeing's finances, already groaning due to a $60 billion debt pile. A lengthy pause on plane production would also weigh on airlines that fly Boeing jets and suppliers that manufacture parts.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Judge Who Overturned Huge Boeing Verdict Admits He Was Trading Boeing Stock at the TimeScience and Technology News and Videos
Read more »
Tire Explodes on Boeing Jet, Killing Two EmployeesScience and Technology News and Videos
Read more »
Boeing Might Not Get Starliner Working Before the Space Station Is DestroyedScience and Technology News and Videos
Read more »
Boeing’s Starliner Faces Uncertain Future as NASA Considers CancellationSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Boeing's Starliner will return to Earth without stranded astronauts to make room for SpaceX capsuleBoeing employees are “humiliated” after NASA announced that two astronauts who have been stranded on the International Space Station by the company’s troubled Starliner space capsule will have to be rescued by Elon Musk’s upstart rival SpaceX, one worker told The Post.
Read more »
Boeing's 1st crewed Starliner to return to Earth without astronauts on Sept. 6Michael Wall is a Senior Space Writer with Space.com and joined the team in 2010. He primarily covers exoplanets, spaceflight and military space, but has been known to dabble in the space art beat. His book about the search for alien life, 'Out There,' was published on Nov. 13, 2018.
Read more »