\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/09\/GettyImages-2159049646-e1725805049979.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
Boeing<\/a> agreed on a preliminary new contract with union leaders that includes a hefty wage hike that would avert a strike in the Seattle region, the two sides announced Sunday.<\/p>\n The agreement, which still must be ratified by workers, includes a 25 percent wage increase over the life of the contract, according to Boeing and the International Association of Machinists and Aerospace Workers (IAM) District 751, which represents more than 30,000 workers.<\/p>\n Other key elements include a lower health care cost burden on workers, reduced mandatory overtime, 12 weeks of paid parental leave and a commitment to build Boeing\u2019s next new airplane in the Puget Sound region if the contract is ratified later this week, according to a Boeing fact sheet.<\/p>\n The preliminary agreement comes just weeks after the arrival at the company of new CEO Kelly Ortberg, who has been tasked with turning around the iconic planemaker whose reputation has been tainted by air safety problems and other setbacks.<\/p>\n While Ortberg had pledged to \u201creset\u201d\u00a0relations with the union, the IAM as recently as Friday had described the two sides as \u201cfar apart\u201d on key points.<\/p>\n In a message to rank-and-file members, IAM district president Jon Holden said the union\u2019s \u201cstrength, solidarity and unity\u201d had produced \u201cthe best contract we ever had.\u201d<\/p>\n Holden urged members to review the proposal carefully.<\/p>\n \u201cWe are prepared to fight if needed, but we believe this proposal will benefit all our Members and Our Future,\u201d Holden said in the message.<\/p>\n \u201cThis vote is now in your hands, as it should be.\u201d<\/p>\n<\/div>\n\nRecommended reading:<\/strong>
In our new special issue, a Wall Street legend gets a radical makeover, a tale of crypto iniquity, misbehaving poultry royalty, and more.
Read the stories.<\/a> <\/div>\n<\/div>\n