The IAM itself, the powerful International Association of Machinists and Aerospace Workers, has been announcing it in these hours. For almost two months in the States of Washington, Oregon and California, it has given Boeing a hard time. It is not known who finally capitulated, but the fact is that a story involving 33,000 workers, costing the Seattle giant and its related industries over 10 billion dollars, has finally ended. IAM, Districts 751 and W24, after rejecting two proposals put forward by Boeing, approved with a majority of votes this latest offer that provides for a compound salary increase of 43.65% for the four years of the new contract.

"This contract also creates a new foundation on which to build the future, and that future starts today. We stand ready to help Boeing change direction and return to building the safest, highest-quality airplanes in the world. Our members are critical to this mission, and now they have a stronger voice in the decision-making process to ensure that needed improvements are made. 'There is no Boeing without IAM', has been our rallying cry, and we stand ready, once again, to do our part to bring this company back to the standard it should never have strayed from", Jon Holden, IAM District 751 president, and Brandon Bryant, IAM District W24 president, said with one voice after the votes were counted.

Highlights of the latest agreement approved last night by union members include:

- General wage increase of 38% over four years – 13%, 9%, 9%, 7%, which adds up to 43.65% for the duration of the agreement

- $12,000 Ratification Bonus: this combines the previous $7,000 ratification bonus and the $5,000 lump sum in the 401(k). Now, union members can choose how to receive this total amount: in their paycheck, in their 401(k), or in a combination of both.

- The Ampp incentive plan is reinstated, with a minimum guaranteed annual payout of 4%, including the 2024 payout in February 2025.

- Employer 401(k) match from 100% to 8%.

- Maintained 4% company special pension contribution in 401(k).

- New long-term disability plan and major improvement to short-term disability plan

- Containment of healthcare costs

- Improved overtime rules

- Key provisions on workplace safety

- Increase in minimum rates which now increase with the increase in Cola (cost of living adjustment).

A 401(k) is a tax-advantaged retirement savings plan. It is a defined-contribution plan provided by your employer that can match employee contributions; some plans require matching.

IAM is one of the largest and most diverse industrial unions in North America, representing approximately 600,000 active and retired members in the aerospace, defense, airline, railroad, transportation, healthcare, automotive and other industries.