The Boeing Company (BA) and members from District 751 agreed to terms late Friday, to keep jobs for the company’s next generation wide body plane, the 777X, in the Seattle area. The final verdict came down to 600 votes leaning in favor of the terms presented, passing by a mere 51% to 49%.
The deal - which extends the current contract from 2016 to 2024 - includes elimination of company paid pensions in favor of a defined contribution plan, 401 (K). Key terms in the agreement included members of the International Association of Machinists and Aerospace Workers (IAMAW) agreeing to give up their right to strike for the next 10 years.
In exchange, the company offered an average wage increase of 0.5% and a guarantee to keep production of the 777X jet - the industry giant’s latest best-seller - in the Seattle area. As per the agreement, wing technology and final assembly will be performed in Washington instead of being moved to other low-wage states.
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