The International Association of Machinists and Aerospace Workers (IAM) has just made a major compromise for Boeing. In return for producing the future 777X in Washington State, where the company employs over 30,000 people (out of 700,000 alleged members), it accepted transferring to a defined benefit pension plan, which the union’s local representatives are having a hard time accepting. (Ref. 8065)
Hit by massive strikes in 2005 and 2008 and by accusations of retaliation that nearly caused the South Carolina plant to close in 2011 (see article No. 110743), it seems that Boeing’s social horizon is finally getting clearer in Washington. While the IAM’s machinists rejected the 8-year social contract changing their 401k pension savings (defined benefits, individual pension savings that can be fueled by employers, who in turn get tax advantages), in return for employment guarantees from the
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