Boeing and its 32,000 union machinists have agreed to a new plan that will grant those union members yearly bonuses of up to four percent of their gross wages if they meet performance standards.
The incentive plan was the last part of a landmark agreement between Boeing and its largest union reached last fall to extend their contract through 2016.
With agreement on the bonus plan, machinists will join non-union Boeing workers and unionized engineering and technical workers represented by another union in participating in the incentive plan.
Boeing workers could receive their first payments under the plan next February. The plan’s provisions are effective at the end of June.
Machinist Union members received a $5,000 signing bonus and a two percent annual wage increase on their ratification of the new contract.
The new incentive plan covers union workers in the Puget Sound area, Portland and Wichita, Kans.