Boeing reached a tentative agreement with its striking union workers Saturday, according to multiple outlets, ending a five-week-long strike that halted production of the company’s key aircraft, threatened large layoffs and heightened its financial struggles.
The strike began Sept. 13. (AP Photo/Manuel Valdes)
The tentative deal includes a 35% wage increase over four years for workers, according to The Wall Street Journal, up from its initial offer of 25%.
The deal still requires approval from most of the International Association of Machinists’ members, as the union’s vote is scheduled for Wednesday.
The deal also includes increases to 401k contributions and a $7,000 ratification bonus, according to the latest proposal.
Boeing has lost an estimated $1 billion a month over the strike, according to a Standard & Poor’s estimate cited by CNN, which noted the company’s recent announcement it would lay off about 10% of its workforce.
Boeing did not immediately respond to Forbes’ request for comment.
This is a developing story. Check back for updates.