SEATTLE, Oct 23 (Reuters) - Boeing (BA.N), opens new tab factory workers will vote on Wednesday on a new contract proposal that could bring an end to a more than five-week strike, in a crucial moment for the troubled planemaker as it wrestles with a deepening financial crisis.þSome 30,000 machinists downed tools in Boeing's West Coast factories on Sept. 13, halting production of the best-selling 737 MAX and 767 and 777 wide-body programs.þSince then, Boeing and the leadership of the International Association of Machinists and Aerospace Workers (IAM) union have been locked in often acrimonious negotiations, with both sides accusing the other of torpedoing talks.þþVoting on the latest contract proposal will begin at 8 a.m. PDT (1500 GMT) and close at 5 p.m. The ballot will offer workers the choice to either accept or reject the deal with a simple 50%+1 majority needed to decide the result.þThe vote comes on the same day as Boeing's third-quarter financial results, which are expected to include a hefty loss. Ratings agencies have warned they could downgrade Boeing's mounting debt to ÿjunkÿ status if the strike drags on.þþThe latest offer includes a 35% pay hike over four years, a $7,000 ratification bonus, a reinstated incentive plan and enhanced contributions to workers' 401(k) retirement plans.þThe wage increase and ratification bonus are higher than in a previous offer that was rejected by 95% of workers in a vote last month. But the salary hikes fall short of a 40% pay rise over four years and the restoration of the defined-benefit pension lost in 2014 demanded by the IAM.
Source: reuters.com
