**Boeing Machinists to Vote on Revised Contract Amid Ongoing Strike**

The machinists union, representing over 33,000 members, announced that they will vote on a new, revised contract from Boeing after more than a month on strike. This decision comes following negotiations assisted by Acting U.S. Secretary of Labor Julie Su. The union, the International Association of Machinists (IAM) and Aerospace Workers District 751, highlighted that the revised proposal includes compounded annual pay raises totaling 39.8%.

Key elements of the revised contract feature a 35% general wage increase over four years, with incremental raises of 12% in the first year, 8% in the second, another 8% in the third, and 7% in the fourth year. Originally, the union had sought a 40% raise, while Boeing's initial and subsequent offers were 25% and 30%, respectively. The current average annual pay for machinists at Boeing stands at $75,608.

Although the new offer does not reinstate the traditional pension plan, a major demand from the workers on strike, it does propose enhanced 401(k) retirement plan contributions. Boeing will now match 100% of the first 8% of employee contributions, alongside a Special Company Retirement Contribution of 4%. Additionally, there's a one-time $5,000 contribution to each member's Boeing 401(k) as part of the offer.

The Aerospace Machinists Performance Plan (AMPP), an incentive plan previously in place, will be reinstated with a guaranteed minimum annual payout of 4%, including a payout in February 2025 for the 2024 year. Boeing also increased the one-time contract ratification bonus to $7,000, up from the earlier offer of $6,000. Moreover, the Boeing Company Employee Retirement Plan (BCERP) multiplier benefit will increase to $105 per month per year of service for vested employees, a hike from $95.

In a joint statement from IAM District 751 President Jon Holden and IAM District W24 President Brandon Bryant, they acknowledged the impact of the strike on Boeing's improved proposal. They emphasized that the workers' determination and community support resulted in these negotiations.

Boeing's locations in Washington, Oregon, and California have been affected by the strike since September 13. Just recently, union members held a rally in South Seattle, attended by notable figures such as U.S. Sen. Maria Cantwell, U.S. Rep. Pramila Jayapal, and Washington Labor Council President April Sims, all of whom expressed their support for fair wages and benefits for the machinists.

While the upcoming vote on Wednesday will determine the union members' acceptance of the new contract, Boeing's financial challenges persist. The company has secured a $10 billion credit line and plans to raise up to $25 billion in stock to remain financially viable during the strike. CEO Kelly Ortberg announced a 10% staff reduction over the coming months, impacting executives, managers, and employees.

The resolution of this vote could significantly impact Boeing's operations and the planned layoffs. Concurrently, Spirit AeroSystems, a key supplier for Boeing, announced temporary furloughs for 700 workers starting October 28, due to the ongoing strike. The FAA has also intensified its scrutiny of Boeing's safety compliance processes, a move the company supports.

The outcome of the IAM's vote on the new contract will be a critical step in determining the future trajectory of both the union members and Boeing's broader operational strategy.