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Boeing-SPEEA agree on 4-year extension of current labor contract

Boeing-SPEEA agree on 4-year extension of current labor contract
Boeing-SPEEA agree on 4-year extension of current labor contract
The Boeing Company and the SPEEA (Society of Professional Engineering Employees in Aerospace) have reportedly reached a tentative agreement on extending their current labor contract by four years. The extension will extend the end date of the agreement to 2026 and cover more than 18,000 employees from the engineering and technical domains, most of whom are based in Oregon and Washington. The new agreement will also involve certain salary adjustment funds every year, starting from 2020 up till 2026. Boeing chief engineer and Senior VP of Engineering, Test & Technology, Greg Hyslop has expressed his pleasure regarding the tentative agreement, stating that it highlights the remarkable contributions of the technical and engineering teams. He further commented that the ongoing dialogue and early discussions will further augment efforts to bring the 737 MAX back to service safely, support the realignment of their engineering as well as bolster their commitment to engineering progress. There are several key highlights to the agreement, including:
  • Salary adjustment funds on an annual basis – The tentative agreement between the SPEEA and Boeing involves the establishment of fixed salary adjustment funds per year, from 2020 to 2026. These funds will replace the previously used indexed formula.
  • Paid leaves – Boeing will extend their current 12-week Paid Parental Leave policy to employees represented by SPEEA. Furthermore, through the contract extension, Washington-based SPEEA employees will be eligible for coverage under the Washington Paid Family and Medical Leave Act.
  • Employee healthcare benefits – The tentative agreement will give employees continued access to competitive benefits sans plan design modification for dental, medical or vision plans. Also, starting from 2023, employee contributions will depend on their salary.
  • EIP (Employee Incentive Plan) – The target for the EIP will increase from 3.85% of eligible income to 5% of eligible income.
The offer has been endorsed by the Executive Board of the SPEEA and will be put to a vote by the membership. The votes will be run through mail-in ballots from Feb. 24 to March 9, 2020. The existing contract is expected to end in 2022. Source Credit: https://www.prnewswire.com/news-releases/boeing-and-speea-announce-a-tentative-agreement-on-four-year-contract-extension-301005094.html

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A qualified computer graduate, Bhushan Tambe always nurtured a passion for words. Post his education, he decided to transform his penchant of penning down poetry and stories into a full-time career. Presently, Bhushan writes numerous articles for cuereport.com and a few other websites, on subjects spanning business, finance, and the like.