Boeing Strike Continues Amid Contract Rejection

Boeing machinists, represented by the International Association of Machinists and Aerospace Workers, have rejected a proposed contract offering a 35% wage increase over four years, a $7,000 bonus, and improved retirement benefits. The rejection, with 64% voting against the proposal, extends a five-week strike that has significantly disrupted Boeing's production and financial performance. Workers demand a 40% wage increase and the reinstatement of a pension plan, which was removed a decade ago. Boeing has been grappling with a $6 billion quarterly loss, production challenges, and plans to lay off 10% of its workforce. Despite intervention from Acting Labor Secretary Julie Su, union leaders insist on negotiating further to rectify past grievances. The ongoing strike exacerbates Boeing's financial woes, including a 37.62% stock decline year-to-date.