Boeing union strike ends...a 38% increase in salary over four years

The Boeing union, a U.S. aircraft manufacturer, has decided to end its more than seven-week strike after accepting a 38% increase in pay over four years.

According to foreign media on the 4th of local time, Boeing's largest union, the 751 branch of the International Federation of Machinery and Aviation Workers (IAM), said that about 59% of the union members voted in favor of the labor contract.

The union said about 26,000 out of 33,000 striking workers participated in the vote, calling it a "victory."

Earlier, Boeing's union had been on strike since September 13, demanding a 40% pay rise, and has repeatedly rejected the company's offer.

Boeing has been hit by a series of crashes in January, with parts of the 737 Max 9 plane's fuselage falling off in flight, and the strike has halted production lines, disrupting aircraft manufacturing and deliveries.

The Boeing union strike was the first in 16 years since 2008, during the global financial crisis, and Boeing said the strike was expected to widen its losses in the third quarter, adding that it planned to cut 17,000 jobs, or 10% of its total employees.

Boeing also raised $24 billion (about 33.1 trillion won) on the 28th of last month to prevent a downgrade to a speculative rating.

With the end of the strike, hourly workers at factories in Washington, Oregon and California can return to work as early as the 6th, and must complete their return by the 12th.