{"id":81834,"date":"2024-10-22T00:00:00","date_gmt":"2024-10-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/22\/boeings-proposed-wage-hike-could-cost-over-usd-1-bn\/"},"modified":"2024-10-22T00:00:00","modified_gmt":"2024-10-22T00:00:00","slug":"boeings-proposed-wage-hike-could-cost-over-usd-1-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/10\/22\/boeings-proposed-wage-hike-could-cost-over-usd-1-bn\/","title":{"rendered":"Boeing\u2019s proposed wage hike could cost over USD 1 bn"},"content":{"rendered":"

<\/strong>Boeing\u2019s proposed strike settlement could leave firm with USD 1 bn bill:<\/strong> Boeing\u2019s proposed contract to settle its labor strike would have it shell out over USD 1 bn in wage-related expenses, although its shares inched up 3% on Monday on hopes of an end to the crippling strike saga, analysts told Reuters<\/a>. Some 33k workers are expected to vote on the contract proposal on Wednesday. Seth Seifman from JP Morgan estimates that wage increases could raise Boeing's costs by over USD 1 bn, while Sheila Kahyaoglu from Jefferies put the number at around USD 1.3 bn.<\/p>\n

It\u2019ll take a while to turn the ship around:<\/strong> Even if the new contract is approved by members, the manufacturer will still need to quickly ramp up production to pre-strike levels once workers come back. \u201cBased on our analysis of prior Boeing strikes, it has taken an average of 6-12 months after the conclusion of the strike for production rates to return to pre-strike levels. Moreover, the impact the strike has had on the already fragile supply chain is uncertain,\u201d RBC Capital Markets analysts said.<\/span><\/p>\n

What\u2019s Boeing\u2019s proposal? <\/strong>Boeing has reached a tentative agreement<\/a> to offer striking machinists a 35% pay bump over the course of four years as the airline giant seeks to put an end to a five-week-long strike that has crippled production of some of its more popular aircraft. The offer includes a one-time USD 7k ratification bonus and increased employer contributions to worker retirement accounts, but is lower than the union\u2019s targeted 40% pay bump and does not include the reinstitution of defined benefit pensions, another of the union\u2019s key demands.<\/p>\n

ICYMI- <\/strong>Boeing took its 30% pay raise offer off the table last week<\/a> in union negotiations after the talks reached a stalemate yet again. The strike is taking place<\/a> at Boeing\u2019s 737 Max Jets production hub. This has worsened the company\u2019s already existing supply chain issues and delivery delays<\/a>, pushing them to stop issuing purchase orders for the 737, 767 and 777 jets to preserve the company\u2019s credit rating.<\/p>\n","protected":false},"excerpt":{"rendered":"

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