Boeing to extend labor contract with engineer's union by four years
The contract with Society of Professional Engineering Employees in Aerospace (SPEEA) will cover about 18,000 engineering and technical employees
FILE PHOTO: A Boeing logo is seen at the company's facility in Everett , Washington, US January 21, 2020. REUTERS/Lindsey Wasson/File Photo
US planemaker Boeing Co said it has agreed to a tentative deal with its engineers' union to extend its labor contract by another four years.
Under the agreement, an incentive plan for employees will be raised to 5 percent of eligible earnings from 3.85 percent, the company said late on Thursday.
It will also establish fixed salary adjustment funds for each year from 2020 through 2026. Boeing's current contract is set to expire in 2022.
Keep updated, follow The Business Standard's Google news channel
The contract with Society of Professional Engineering Employees in Aerospace (SPEEA) will cover about 18,000 engineering and technical employees, the company said.
The deal was endorsed by SPEEA's board and is expected to be put for voting by the union members between Feb. 24 and March 9, the US planemaker said.
