WASHINGTON (dpa-AFX) - President Joe Biden has congratulated the International Association of Machinists and Boeing for coming to an agreement that ended a seven-week long strike by the machinists at the aircraft manufacturing company.
Boeing Co.'s more than 32,000 machinists ended their prolonged strike Monday, after majority of workers voted to approve a new contract that will deliver 43.65 percent compounded wage increase.
The machinists, part of The International Association of Machinists and Aerospace Workers, voted to ratify the new union contract, which the union said, has instantly set a new standard for compensation and wages for aerospace industry workers.
The union members had walked off the job on September 13, demanding better contract terms. The new offer is the company's fourth one, while all previous three offers were rejected by the striking union members.
The new contract includes a 43.65 percent compounded wage increase, and 38 percent before compounding, over the four-year span of the contract.
The agreement reflects the hard work and sacrifices of 33,000 Machinist workers, Biden noted in a statement.
'This contract provides a 38% wage increase over four years, improves workers' ability to retire with dignity, and supports fairness at the workplace. This contract is also important for Boeing's future as a critical part of America's aerospace sector. And it was achieved with the support of my economic team, including Acting Labor Secretary Julie Su and National Economic Advisor Lael Brainard,' he added.
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