The Society of Professional Engineering Employees in Aerospace (SPEEA), the Boeing white-collar union, said members of both its professional and technical units had ratified four-year contract offers. The new contract details higher pay and other benefits, along with a boost to Boeing shares, which jumped 3.4% Thursday after the results were announced.
What does the deal cover?
Boeing workers approved a four-year contract that encompasses higher pay for engineers, technicians and scientists. The agreement comes with a 10% ratification wage increase and includes annual adjustments of 4%, and merit-based rises of up to 6% based. The Technical Bargaining Unit (TBU) voted 53.5% in support.
In a release, SPEEA said:
“We secured many victories that some thought were completely out of reach when this negotiation cycle started.”
Under the new contracts, workers will receive their wage and the potential for an additional 2% performance-based increase. After signing the largest-ever landing exchange deal with Singapore Airlines Group (SQ), Boeing continues to grow its airline by imitating negotiations and providing opportunities for its workers.
Threat of strikes removed
Boeing faced a more than seven-week strike by its machinists in the fall of 2024, which suspended production of key planes. The new contract is expected to increase an engineer’s pay from $152,000 to $208,000 over the life of the contract.
The union vote removes the prospect of a strike after Boeing workers had rejected the company’s initial proposal. The existing contracts were due to expire on Oct. 6, with a predicted strike to happen as soon as Oct. 7.
The new agreements will allow Boeing to avoid disruptions as it works to stabilise the production of its fast-selling jets. Boeing is also seeking approval for the Boeing 737 MAX 10 and the 777X, both of which are years behind schedule.
Boeing’s critical programs can increase their shares and avoid another work strike, marking another milestone in Boeing’s labour landscape.
What do you think about this contract for Boeing workers? Are these pay rises fair? Share your thoughts on this in the comments!
