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Boeing Strike: Negotiations Likely To Resume Soon | CNBC TV18

The union representing over 33,000 Boeing factory workers said on September 26 it expects to resume negotiations with the company over pay on September 27. “The union is ready for this opportunity to bring forward the issues that members have identified as critical to reaching an agreement,” District 751 of the machinists' union said. “We know that the only way to resolve this strike is through negotiations.” The latest round of talks between Boeing and the International Association of Machinists and Aerospace Workers’ shall come after two parties last held formal negotiations more than a week ago, when two days of mediated sessions broke off. Boeing has also confirmed Friday's talks. So far since the strike began on September 13, the planemaker has offered two proposals that have been rejected by the strike workers. On September 23, Monday, the aerospace giant made a 30% pay hike over four years offer to the workers. Instead of direct talks, the communication came through the media with Boeing calling it its ‘best and final’ offer and setting a Friday night deadline for ratification, which angered union leaders. Prior to that, workers had rejected Boeing’s initial offer of a 25% pay increase, and the first round of mediated talks broke down last week without a deal being reached. The union originally demanded a 40% pay hike over three years. Boeing, however, said that its last offer would take the average annual pay for machinists from $75,608 now to $111,155 at the end of the four-year contract. It also would keep annual bonuses based on productivity. In the rejected contract, Boeing sought to replace those payouts with new contributions to retirement accounts. Following the union's opposition to the offer, Boeing backed down Tuesday and gave the union more time to consider the new proposal. However, many workers said the company’s latest offer wasn't good enough considering the increased living costs since the last negotiations 16 years ago. The strike has led to a shut down of production of Boeing 737s, 767s and 777s and is causing the company to make cost-cutting moves, including rolling temporary furloughs for thousands of non-union managers and employees. Later today., a regional district of the International Association of Machinists and Aerospace Workers said the two sides would meet again to discuss the matter alongside federal mediators. #Boeing #Labour #Contract #Workers #cnbctv18digital