Employees Could Earn Q1 2006 Payout Based On 2005
Tuesday it had reached a tentative agreement with the Society of
Professional Engineering Employees in Aerospace (SPEEA) on a new
three-year contract offer covering nearly 18,000 engineering and
technical employees in Washington and Oregon. The best news for
Boeing, however, is that SPEEA is recommending employees ratify the
"We've extended a respectful and very competitive contract offer
that recognizes the tremendous contributions of our engineering and
technical employees and sets a course for creating our future
together," said Boeing's Alan Mulally, Commercial Airplanes
president and CEO. "We listened carefully to SPEEA negotiators and
addressed our employees' top priorities around pay, incentives,
health care and retirement, in a contract offer that enhances our
competitiveness going forward."
Under terms of the contract proposal, Boeing has agreed to
review with SPEEA the company’s annual salary market analysis
for 2007 and 2008. At that time, Boeing will determine if increases
to the salary adjustment funds are needed to keep employee pay
competitive with other companies.
The offer also includes an incentive pay plan that allows
SPEEA-represented employees to share in the company’s
financial success and align with the incentives in place with
professional employees throughout much of the company, according to
the aerospace manufacturer.
Should Boeing meet its
annual operating target, the plan generates a 10-day payout;
exceeding the target produces a larger payout, up to double
“This contract feature aligns the majority of our salaried
employees around our business plan and rewards them for their
efforts to continuously improve our quality and productivity and
meet our performance goals,” said Mulally.
Improved health care and retirement benefits are also included
with the deal, as well as early retiree medical benefits.
Boeing’s contract offer concludes two weeks of intensive
negotiations. If it is approved by SPEEA members, the three-year
contract extension would go into effect immediately following the
current contract's expiration on midnight Dec. 1.