Boeing makes a “final” offer to workers on strike

US aviation giant Boeing has made its “best and final” offer to workers on strike, but the International Association of Machinists (IAM) has not put it to a vote, Reuters reports. Boeing offered to bring back a performance bonus, improve retirement benefits, and double a ratification bonus to USD 6k if workers accept the terms by Friday. IAM argues Boeing refused to negotiate over the proposal and failed to fully address priorities on issues including retirement and wages. The union plans to survey its members on Monday to get their views on the proposal.

ICYMI- Boeing started implementing a hiring freeze and considered furloughs last week, as the aviation giant scrambled to cut costs as the 30k strong worker strike entered its fifth day.

The IAM rejected a previous offer of a 25% pay increase spread over four years — the union initially asked for a 40% rise — but removed an annual performance bonus.

REMEMBER- The strike took place at Boeing’s 737 Max Jets production hub. This worsened the company’s already existing supply chain issues and delivery delays, pushing them to stop issuing purchase orders for the 737, 767 and 777 jets to preserve the company’s credit rating.

OTHER STORIES WORTH KNOWING THIS MORNING-

• Maersk shares rise amid potential US port strike: Maersk’s shares jumped by 4.9% after the company added a surcharge for all cargo moving to and from US east coast and Gulf coast terminals. The surcharge is to cover higher costs from potential port disruptions if labor talks fail. (Bloomberg)
• Anticipated hurricane prompts US energy firms to wind down: Energy firms operating in the US Gulf Coast are scaling back operations and evacuating production locations in anticipation of a hurricane that is expected to hit offshore oil-producing areas. (Reuters)