Boeing Workers Continue Strike Over Pension Plans

Boeing workers have continued their strike, now in its seventh week, primarily demanding the reinstatement of traditional pension plans that were frozen a decade ago in exchange for keeping production in Seattle. The latest contract proposal from Boeing, which included a 35% wage increase, was rejected by 64% of the union members, who remain steadfast in their pursuit of pension restoration. The strike has severely impacted Boeing's production capabilities, contributing to significant financial losses for the company, which reported a $6 billion loss in the last quarter. Union leaders, while acknowledging the company's financial challenges, suggest exploring alternative defined-benefit options that could alleviate some pension-related liabilities. Boeing's resistance to restoring pensions is echoed by a broader trend in corporate America moving away from defined-benefit plans towards defined-contribution systems like 401(k)s. As negotiations continue, the union expresses a desire for a fair solution that compensates for the loss of traditional pensions without exacerbating Boeing's precarious financial situation.