Boeing put forward a “best and final offer” to its striking factory workers Monday—promising larger raises and bonuses—but was met with pushback from the union leading the strike which accused the plane maker of trying to circumvent the negotiation process and create divisions among the workers.
Boeing offered a 30% pay bump directly to striking workers, angering union leaders. The proposal is an improvement over the initial 25% increase turned down earlier this month by members of the International Association of Machinists and Aerospace Workers.
Boeing is offering its striking union workers a 30% pay increase over a four-year period in what the company said was its "best and final" offer in ongoing contract talks.
Boeing on Monday sweetened its contract offer and said it was its “best and final” proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.
The proposal includes raises of 30 percent over the four-year contract, up from a 25 percent offer, but it's unclear whether it will satisfy workers.
Tim Seymour, Seymour Asset Management founder and CIO, joins 'The Exchange' to discuss these stocks: Nike, Boeing, Starbucks, 3M.
The planemaker is also offering to reinstate a performance bonus, improve retirement and double a ratification bonus to $6,000, if the workers accept by Friday.
The head of the Federal Aviation Administration will tell Congress on Tuesday the agency will hold Boeing accountable to ensure the planemaker is building safe airplanes and will revamp its own safety management program.
More than 30,000 Boeing machinists began a strike on Sept. 13 after overwhelmingly turning down a tentative agreement.
Boeing said on Monday it has increased the general wage to 30% in an offer to the union representing its striking workers in the U.S. west coast.
This being the final full week of the month, on Friday morning we'll get the latest Personal Consumption Expenditures (PCE) report, for August. This is the preferred metric for gauging inflation by the Fed, as Chair Jerome Powell has said many times.
What may be most important to investors this week are the vast amounts of commentary coming from members of the Fed.