Boeing strike ends after labor union accepts contract offer, announces return to work

Core Points - The International Association of Machinists and Aerospace Workers Local 751 has accepted a new contract with Boeing, ending a nearly two-month strike, with 59% of machinists voting in favor of the proposal [1][2] - The new contract includes a 38% pay raise over four years, increasing salaries from $75,608 to $119,309, along with ratification and productivity bonuses [1][2] - Boeing did not reinstate a company pension plan but offered matching contributions for workers' 401(k) plans [2] - Boeing's CEO expressed satisfaction with the ratified agreement, emphasizing teamwork and the importance of returning to excellence [3] - President Biden congratulated both the union and Boeing for reaching an agreement that benefits workers and supports the aerospace sector [3] - The strike, which began on September 13, significantly impacted Boeing's production, particularly affecting the 737 MAX and widebody aircraft [4] - Prior to the agreement, Boeing was estimated to be losing over $1 billion per month in revenue due to the strike [4] - The company announced plans to cut 17,000 jobs, representing 10% of its global workforce, amid the ongoing labor challenges [4]