Boeing workers to vote on new proposal that could end strike

Boeing and its machinists†union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than month-long strike that has hobbled the manufacturers†aircraft production.

The ratification vote is set for Wednesday.

The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes.

Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week.  â€œWith the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,â€� the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.

The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years. Boeing later made a sweetened offer but the union blasted it saying it was not negotiated.

“We look forward to our employees voting on the negotiated proposal,� Boeing said in a statement.

Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.

The company earlier this month said it will report a deep loss and take charges of about $5 billion in its commercial and defense units. A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the companyâ€s top job in August, tasked with reshaping the company.

On Oct. 11, he announced job cuts of 10% of Boeingâ€s workforce and that the company will stop making 767s when orders are fulfilled in 2027.