it would raise base wages by about 35%.
The new proposal also includes a $7,000 ratification bonus. The company didn’t agree to go back to defined benefit pensions, something the union was looking for. Instead, there is a $5,000 one-time contribution to 401(k) plans. Going forward, the company will match employee contributions of up to 8% of annual pay. Boeing also contributes 4% of an employee’s salary into the plan.
The base wage increases would raise hourly wages for some of the highest-paid, more experienced employees to almost $70 an hour by the end of the contract, which would run through early September 2028. That amounts to about $140,000 a year before any overtime or additional bonuses. The immediate bump in pay is 12% to help offset inflation.