The largest union of Boeing company has voted to end the strike that has dominated the headlines for nearly two months. The victory for the workers is impressive: wages will increase by 43% over the next 4 years, and each employee will receive an immediate bonus of $12,000.
Approximately 33,000 employees, mostly from the Seattle area where Boeing’s commercial airplanes are built, have been on strike since September 13. They have firmly rejected two previous offers from the company, deeming them insufficient, reports the New York Times.
"You have been strong, you stood tall, and you have won. This is a victory," said Jon Holden, the president of the machinists' union.
The impact of the strike on Boeing has been devastating. The company has lost at least $5.5 billion in the first six weeks, and the total effect on the entire supply chain has exceeded $9.6 billion.
The workers have secured a 43% wage increase over four years, an immediate $12,000 bonus (four times larger than the initial offer), improved retirement benefits, and the promise that the next Boeing airplane model will be built in the Seattle region.
The average annual salary will reach $119,000, compared to $76,000 currently.
The union's victory comes at a challenging time for Boeing, which is facing multiple issues. The company recently announced it would lay off 17,000 employees (10% of the global workforce) and reported losses of over $6.1 billion in the last quarter.
Employees can return to work starting Wednesday, but must do so no later than November 12.