Boeing factory workers vote to accept contract and end more than 7-week strike

Core Points - Unionized machinists at Boeing voted to accept a contract offer, ending a strike that lasted over seven weeks, allowing the company to resume production and generate cash [1][3] - The new contract includes pay raises of 38% over four years, along with ratification and productivity bonuses, but does not restore a previously frozen pension plan [2][4] - Boeing's CEO expressed satisfaction with the agreement, emphasizing the need for teamwork to restore the company's excellence [3][4] Contract Details - The contract's ratification enables 33,000 workers to return to work as soon as Wednesday or by November 12, with production resuming potentially taking "a couple of weeks" due to retraining needs [4] - The average annual pay for Boeing machinists will increase from $75,608 to $119,309 under the new contract [4] Reactions and Implications - Reactions among union members were mixed, with some expressing dissatisfaction despite voting in favor of the contract, citing a lack of fulfillment of demands [5][6][7] - Union leaders endorsed the proposal, believing it was the best achievable outcome after negotiations and the strike [8][9] - President Biden congratulated both the machinists and Boeing, highlighting the contract's importance for fairness in the workplace and Boeing's future in the aerospace sector [9] Workforce Changes - Boeing's CEO announced plans to lay off about 10% of the workforce, approximately 17,000 employees, due to the strike and other factors affecting the company's reputation and financial health [10]