In it’s “best and final” offer to the International Association of Machinists (IAM), the aircraft manufacturer offered to increase its basic pension benefit to $60 a month for every year of service in the final year of the contract, from the current level of $50/month.
The distance between the two parties was evident in their description of the new pension proposal. While Boeing characterized the change as a 20% increase in pension contribution, the IAM chose to view the new offer as providing workers just 38% of their pre-retirement income as a pension.
IAM negotiators labeled the final offer “a continued attack on the economic health of our communities and on the jobs, incomes and living standards of the IAM workforce.”
“Boeing put forward a job-killing, money-stealing, retiree-mugging offer,” said IAM Chief Negotiator Dick Schneider. “We offered to extend the contract and continue negotiations, but Boeing replied by releasing this substandard proposal to the press and public.”
IAM members will vote tomorrow (August 29) to approve or reject the contract and whether to strike. The current contract expires 12:01 a.m., September 2.
IAM updates are at http://www.iam751.org/
Boeing updates are at http://www.boeing.com/special/negotiations/