That's a great offer!The 401K offer was a $5,000 automatic contribution at ratification, 100% match of the first 8% and an additional 4% automatic contribution. They also increased the pension payout for those with vested pensions (pre-2016). This seems like a pretty fair offer.
Hey now… some of us USED to do real shit.What I provide to this forum is mid level HR shit. This guy is doing the real shit.
I love reading this.
Yeah, and I forgot to include it's a safe harbor account so immediately vested, no high income employee checks (might effect top end mechanics with a lot of OT), and you can all moneys in any option (i.e. the match doesn't have to go into Boeing stock).That's a great offer!
That keeps the oldsters without a reason to not ratify! Stupid fucks…Yeah, and I forgot to include it's a safe harbor account so immediately vested, no high income employee checks (might effect top end mechanics with a lot of OT), and you can all moneys in any option (i.e. the match doesn't have to go into Boeing stock).
No, actually it's not. Let me put it into perspective, just wages alone. I work for one of the companies who supplies a lot of the alunimum for Boeing. Our lowest position, which is a janitor, starts at $25.55 an hour + COLA + monthly bonus, and we are not in AS high cost of living area, as many of the IAM Boing workers are. We also have a pention, a 401K that they contribute to, plus 100% paid Medical/Dental/Vision benefits for ourselves and our immediate family. I don't know the complete package for IAM Boeing, but I do know their lowest position currently starts at $20 an hour. That is three cents above Seattle's current minimum wage, which is the area many of these works are. With the 35%, increase over 4 years, it will still take 3 years before their lowest paid employee barely make more than our janitors make today, and not taking into consideration for our annual raises. I don't know about you, but I don't believe workers in the aerospace industry should be starting out 3 cents above the areas minimum wage. To many lives depend on these workers. Even their 40% that they want really isn't that great if you put it into perspective of their location, the areas minimum wage, and what they do.The offer was really really good. I highly doubt the union will get a significantly better offer and their refusing a really good offer will likely lead to more work being moved out of the PNW.
I agree with you that the union's pay is ridiculously too low, and likely part of the quality issue Boeing has been having. But the union was asking for 40%, and they got offered 39% with compounding. The 39% doesn't include COLA adjustments, but I am not sure how those work. Also the starting wage is for a Grade 1, which is probably equivalent to the janitor position, but I also don't know the grade positions. They also get a mechanic bonus, which is 4% of gross pay.No, actually it's not. Let me put it into perspective, just wages alone. I work for one of the companies who supplies a lot of the alunimum for Boeing. Our lowest position, which is a janitor, starts at $25.55 an hour + COLA + monthly bonus, and we are not in AS high cost of living area, as many of the IAM Boing workers are. We also have a pention, a 401K that they contribute to, plus 100% paid Medical/Dental/Vision benefits for ourselves and our immediate family. I don't know the complete package for IAM Boeing, but I do know their lowest position currently starts at $20 an hour. That is three cents above Seattle's current minimum wage, which is the area many of these works are. With the 35%, increase over 4 years, it will still take 3 years before their lowest paid employee barely make more than our janitors make today, and not taking into consideration for our annual raises. I don't know about you, but I don't believe workers in the aerospace industry should be starting out 3 cents above the areas minimum wage. To many lives depend on these workers. Even their 40% that they want really isn't that great if you put it into perspective of their location, the areas minimum wage, and what they do.
As for them wanting their pention reinstated, I really don't blame them. Retirement Security is important, and a 401K isn't risk free. As a worker, you have little control over the stockmarket, so if crashes, your 401k can go with it. A pention, depending on how it's setup is tied more to the company's longevity (aka staying in business and making money), and you as a worker can have some control over if that business succeeds where quality, workmanship, efficency, etc are concerned. You also have voice that might be heard if the company is making stupid decisions, kind of like the stupid decisions Boeing has been doing that is causing them to lose money. You don't have that kind of influance where the stock market is concerned. All you can do if the stock market crashes is hope you had your 401k investments in low risk investments that are not effected by the crash.