Sun, Sep 25, 2005
"It could have been a lot worse..." says a Boeing source, to
ANN.
The Boeing Company has
just confirmed that it has reached a tentative agreement for a new
three-year contract with the International Association of
Machinists and Aerospace Workers (IAM), which represents
approximately 19,000 Boeing employees in the Seattle area, Wichita,
Kan., and Portland, Ore.
Union leadership is recommending that its members vote to
approve the contract on Thursday. If employees vote to ratify, it
will immediately end a strike that began on Sept. 2.
"The new agreement supports our business plan and addresses the
key issues raised by IAM-represented employees and the union," said
Alan Mulally, president and CEO of Boeing Commercial Airplanes.
Terms of the contract offer include:
- A pension multiplier of $70 per month for each year of
service,
- Maintaining existing health care plans under the same cost
provisions of the IAM's previous contract with Boeing,
- A ratification bonus equaling 8 percent of each employee's
total pay during the past 12 months, which will average about
$5,200 per individual, and
- Two lump sum bonuses, of $3,000 each, which will be paid at the
end of 2006 and 2007.
"The total cost to Boeing is similar to the previous contract
offer and meets our definition of a reasonable settlement," Mulally
added. "It also supports our plan for making continued quality and
productivity improvements, which is the key to being competitive
and winning new business."
The tentative agreement was reached late Friday. Mulally and
Jerry Calhoun, Boeing Commercial Airplanes' lead negotiator and
vice president of human resources, represented the company in the
settlement negotiations.
The IAMAW Sez...
The IAMAW is
recommending that the agreement be accepted and told its
membership, "Study the proposal. Every member can hold their head
up high and be proud of what we have accomplished together –
for you, your families and future workers. Because of all of us,
our Union is stronger. Everywhere in America, people have accepted
concessions or reduced benefits for the next generation since 9-11.
You stood together and said NO and scored a victory for working
families across the country."
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