Boeing raises pay offer in bid to end seven-week strike

Striking Boeing workers are set to vote on a new offer from the aviation giant, which includes a 38% pay rise over four years. The International Association of Machinists and Aerospace Workers (IAM) union, representing over 30,000 strikers, has endorsed the offer and will hold a ballot on Monday. The strike, which began on 13 September, led to significant production slowdowns and deepened Boeing's crisis. Previously, the union demanded a 40% pay increase, rejecting offers of 35%. The new proposal also includes a $12,000 bonus, up from $7,000, and changes to retirement plans.

"It's time for our members to lock in these gains and confidently declare victory," an IAM social media post stated. Boeing encouraged employees to review the improved offer and vote on 4 November. Shares rose 2.7% in extended trading after the deal was announced. The strike has cost Boeing nearly $10 billion, prompting a $20 billion share sale and potential layoffs of around 17,000 workers. Recent crises include a mid-air blowout on a passenger plane and a reputational hit to its space business.