Boeing offers new deal to end 7-week strike: What to know

Striking Boeing machinists are set to vote Monday on a new agreement that could bring an over 7-week-long strike to its end.

The International Association of Machinists (IAM), which represents the roughly 33,000 machinists, announced earlier this week its endorsement for the tentative contract.

"Your Union is endorsing and recommending the latest IAM/Boeing Contract Proposal. It is time for our Members to lock in these gains and confidently declare victory," the union wrote Thursday in a post on social platform X. "We believe asking members to stay on strike longer wouldn't be right as we have achieved so much success."

"In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor," they added. "We are at that point now and risk a regressive or lesser offer in the future."

The latest deal would raise wages 38 percent over the course of four years, according to a release. Boeing also agreed to update its ratification bonus to $12,000 to employees under the collective bargaining agreement — up $5,000 from the previous offer — and increase its 401K contributions.

Members of the union voted to reject the previous agreement late last month, which would have provided a 35 percent wage increase over four years and just a $7,000 ratification bonus. In its decision, union leaders said, "There are consequences when a company mistreats its workers year after year."

Boeing, which has been in the national spotlight due to the strike and perceived safety lapses earlier this year, implemented cost-saving measures after the strike began Sept. 13. The measures included a hiring freeze, temporary furloughs, leadership pay cuts and payments halted to many lobbying firms in Washington.

The company had already been struggling with production and quality control challenges since the door of a Boeing 737 Max blew off during an Alaska Airlines flight in January, prompting congressional and regulatory crackdowns.

The union originally demanded 40 percent in raises over three years and restoration of traditional pensions — which were frozen for then-current workers and not extended to those hired after January 2014, according to The Associated Press.

The strike has cost the company, employees and suppliers upwards of $9.66 billion as of Oct. 28, according to a new estimate by the consulting firm Anderson Economic Group, making it the costliest strike this year.

IAM members are expected to vote on the newest contact on Monday.