Source: Seattle Times
- New contract is for four years.
- 15% pay raise over the course of the contract, which will come in 5, 3, 3, and 4 percent over the years of the contract.
- Minimum wages raised $2.28. Recent hires will get a supplemental raise to boost them past the entry level for new hires.
- Vendors will deliver parts to receiving areas inside the factory, but machinists will handle parts after that on legacy programs. (737, 747, 767, 777)
- Vendors will continue to deliver parts directly to the 787 assembly line.
- Machinists currently working in facilities maintenance are protected from layoffs due to outsourcing.
- No increase in medical plan costs for employees
- Monthly pension $81/yr service for 3 years, then $83/yr service the 4th year.
- Lump-sum payments: $5000 or 10% annual salary for 1st year, $1,500 2nd and 3rd year.
A vote by the IAM membership could come in three to five days and requires a simple majority (50% +1) to ratify the new contract.
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This post originally appeared at Flightglobal.com from 2007 to 2012.