Boeing and its workers have reached a tentative agreement to end a five-week-long strike. The deal, which still requires a vote from the 33,000 union members of the International Association of Machinists, offers a 35% wage increase over four years and enhanced 401(k) contributions, though it does not restore lost pensions.
The strike, which started a month after CEO Kelly Ortberg took office, has severely impacted Boeing, costing the company $1 billion a month and halting jet production.
The company’s financial troubles extend beyond the strike, with Boeing reporting over $33 billion in losses since two fatal crashes of its 737 MAX model.
The union acknowledged key improvements in the new offer, but stopped short of endorsing it. A vote will be held on Wednesday to determine the workers’ decision.
