Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
Earthwise Advertising & Investor Awareness Campaign
Commencement of Henbury Field Program
RCM to Acquire Webbs Consol Silver Project from...
Earthwise Advertising & Investor Awareness Campaign
Crypto Market Update: Stablecoins Top US$283 Billion in...
Tech 5: NVIDIA Results Rattle Investors, Trump Signals...
Spirit Airlines files for Chapter 11 bankruptcy protection...
Charbone Hydrogene annonce les resultats financiers T2 2025
Charbone Hydrogen Announces Q2 2025 Financial Results
Earthwise Advertising & Investor Awareness Campaign
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

Business

Boeing starts furloughing tens of thousands of employees amid machinist strike

by admin September 20, 2024
September 20, 2024
Boeing starts furloughing tens of thousands of employees amid machinist strike

Boeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees on Wednesday.

The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.

The plan came less than a week after Boeing’s more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.

Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren’t sufficient enough to match the increase in cost of living in the Seattle area and it didn’t restore their pensions.

Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike’s duration and he and his team would take “commensurate” pay cuts for the duration of the strike.

“While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,” Ortberg said in his message.

Boeing’s CFO Brian West earlier this week said the company would freeze hiring and raises to cut costs, and would let “non-essential contractors” go temporarily.

The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing’s leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door-plug blowout in January, and $60 billion in debt.

Ortberg said that “activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue” including production of its 787 Dreamliners, which are made in a non-union facility in South Carolina.

This post appeared first on NBC NEWS

previous post
Amazon increases average pay for warehouse workers and adds free Prime membership perk
next post
Altcoins Surge 14% After the Fed’s 50 Basis Point Hike

You may also like

Amazon sued by D.C. AG for allegedly excluding...

December 5, 2024

SEC Chair Gary Gensler will step down Jan....

November 23, 2024

Cava revenue beats estimates as Mediterranean chain reports...

May 17, 2025

U.S. foreign tax bill sends jitters across Wall...

May 31, 2025

McKinsey & Co. to pay $650M to settle...

December 18, 2024

From department store to ice rink: How shuttering...

August 14, 2024

After success in Paris, Los Angeles looks to...

September 13, 2024

As Trump eyes more tariffs, South Korea remains...

February 15, 2025

Last-minute summer travelers are finding the best deals...

August 13, 2024

Big Lots files for bankruptcy protection as it...

September 11, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Earthwise Advertising & Investor Awareness Campaign

      September 1, 2025
    • Commencement of Henbury Field Program

      September 1, 2025
    • RCM to Acquire Webbs Consol Silver Project from Lode Res.

      September 1, 2025
    • Earthwise Advertising & Investor Awareness Campaign

      August 31, 2025
    • Crypto Market Update: Stablecoins Top US$283 Billion in Circulation, Bitcoin Decline Continues

      August 31, 2025
    Promotion Image

    banner ads

    Categories

    • Business (842)
    • Economy (829)
    • Investing (2,730)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 smarttradeinsights.com | All Rights Reserved