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Washington State also gave Boeing several hundred million in tax breaks. The machinists will get a one time bonus of $10,000 once the contract is signed. Wages werent the biggest issue, it was changes in the pension plan. It pitted young workers against older workers. The older workers were willing to call Boeings bluff figuring they were going to retire anyway. It was approved by 51-49 vote.
So long old pension of late. Simply unsustainable.
My very last year on the labor council where I worked (2010), we urged our members to accept a reduced pension plan for future hires. Broke all of our hearts, but it was necessary. Live to fight another day.
I don't have a problem with two parties agreeing to a defined benefit pension plan. The cost has to be realistic and the liability funded. When you do the math, most of them result in costs that approach 60% of salary. Nobody can afford that over time in a global economy. There simply are too many people with the same skills who will perform the same work for less.
The Union had a relatively good bargaining position, hence the increase in wages. I'm surprised the vote was so close as it was a pretty good deal for current employees, but I'm also wondering what would've happened if they had called Boeing's bluff on pensions considering all of the problems with the 787 roll-out.
The Union had a relatively good bargaining position, hence the increase in wages. I'm surprised the vote was so close as it was a pretty good deal for current employees, but I'm also wondering what would've happened if they had called Boeing's bluff on pensions considering all of the problems with the 787 roll-out.
Unions have become income redistribution schemes between the lower Tiers to Tier 1 employees. The masses have been too stupid to recognize this, but why in the world should anyone not in Tier 1 want a union contract? Anywhere? Their so called "brothers" are picking their pockets. Where is the solidarity? If this was the best contract they could get, why doesn't Tier 1 insist on less, so other Tiers can get the same exact terms and money?
The Union had a relatively good bargaining position, hence the increase in wages. I'm surprised the vote was so close as it was a pretty good deal for current employees, but I'm also wondering what would've happened if they had called Boeing's bluff on pensions considering all of the problems with the 787 roll-out.
Boeing had Long Beach and maybe St. Louis as a backup plan. Last I remember Boeings pensions werent that great. I think they were 1% for every year of service. Now they are simply going to put a cash amount in and wont guarantee the percentage at retirement. They also have to pay 33% more for family medical. The workers though are pretty much guaranteed employment for the next 10 years as they have a decent back order. I think everyone in Seattle is breathing a sigh of relief.
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