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Following the announcement, Spirit AeroSystems, as well as Boeing (NYSE:BA) shares rose more than 1% after-hours.
The new four-year contract proposal includes several key terms such as maintaining existing healthcare coverage, no mandatory weekend overtime, a $3,000 sign-on bonus, and substantial pay increases (total wage increase of 9.5% in year one, guaranteed increase of 23.5% over the life of the contract, and annual bonuses and Cost of Living Allowance on top).
The bargaining committee of the Local Lodge 839 of the International Association of Machinists and Aerospace Workers (IAM) has unanimously agreed to a new contract proposal. IAM union members will vote on approval on June 29.
