Boeing Makes Best-and-Final Contract Offer to SPEEA

Thu Jan 17, 2013 7:37pm EST

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- Market-leading offer includes 5 percent annual salary increases
SEATTLE,  Jan. 17, 2013  /PRNewswire/ -- Boeing [NYSE: BA] today presented the
Society of Professional Engineering Employees in Aerospace (SPEEA) union with
its best-and-final contract offer, agreeing with the union's approach to extend
the terms of the previous contract for current employees. The proposed four year
contract would roll forward the current agreement, except for proposals
explicitly agreed upon by both parties during negotiations.

Under this offer, all employees represented by SPEEA would see salary pools of 5
percent annually for the duration of the contract. The average professional
engineer would see  $84,071  in additional pay and performance-based incentive
payments over the life of the agreement. The average technical employee would
see  $64,515  in additional pay and incentive payments.

"This is a market-leading offer by all measures - rewarding our employees for
the contributions they make every day," said  Mike Delaney, vice president of
Engineering, Boeing Commercial Airplanes. "Agreeing to this contract as soon as
possible will allow all of us to focus our time and energy on the immediate
challenges facing the company."  

Under the offer, the company's high quality health care plans would remain in
place with no increase in employee contributions. For new hires only, an
enhanced retirement savings plan is being proposed that would replace the
traditional pension. Pensions for current SPEEA-represented employees would not
be affected, and the pension basic benefit would be increased.

"Moving new hires to an enhanced retirement savings plan will provide future
employees with a market-leading retirement plan -- while allowing Boeing to
better manage retirement plan expenses, reduce financial risk and invest in
areas critical to the success of our business," said Delaney.

Boeing and SPEEA have been in contract negotiations since last April. The
current contract expired in October 2012.   

Contact:  
Doug Alder
Boeing Media Relations
206-544-1814
doug.alder-jr@boeing.com

SOURCE  Boeing

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