The eight-year contract includes $10,000 signing bonuses and enhanced pensions for older workers who opt to retire, but would halt further additions to current workers’ pensions and set up a different retirement plan funded by the company, the union said. The provisional labor agreement with the machinists’ union was announced on Tuesday. “If the location of final assembly impacts these factors, then they probably care.” – Washington Governor Jay Inslee unveiled his 2021-23 proposed budget during a press conference on Thursday. Inslees entire press conference is on TVW, and all Democrats should watch it. “Investors care about stability, visibility, profitability and risk in the assembly of aircraft,” said Rob Stallard, an analyst at RBC Capital Markets. Thats what their (the Senate) budget does. The shares were down 0.6 percent at $132.24 on Thursday afternoon on the New York Stock Exchange. So far, investors are not concerned about the tilt toward building the jet in Washington.īoeing stock is near record highs, and has not fallen significantly since the provisional proposals were announced on Tuesday. “It would almost certainly have been more disruptive to move a larger component of the (777X) operations to South Carolina,” said Russell Solomon, an analyst at Moody’s Investors Service in New York. It remained unclear exactly how much Boeing’s decision about where to build the jet really hinges on the labor deal and the state incentives. “Assembly of that airplane will be the lynchpin of economic growth for the state of Washington for decades to come,” Inslee said, speaking before the Washington state House Finance Committee on Thursday. It is viewed as crucial to the Seattle area, which is competing with nonunionized workers in southern U.S. The 777X program would secure thousands of jobs for the state, keep it at the forefront of aircraft technology and trigger construction of 1.5 million square feet of new facilities in the Puget Sound area. Jay Inslee visited King County Monday afternoon to sign into law a large package of housing-related bills passed during the 2023 legislative session. 10, and Democratic leaders in the House will release their own proposals. The 60-day legislative session begins Jan. Union members are due to vote on the proposal by next Wednesday. Jay Inslee, announces a supplemental budget that increases spending on homelessness effort and climate proposals, in Olympia, Wash., on Thursday, Dec. Agency recommendation summaries The differences in funding and FTEs between each agency’s current (2019-21) expenditure authority and the Governors proposed 2021-23 budget. Washington Governor Jay Inslee, a Democrat, called the session to seek roughly $8 billion in tax breaks, a streamlined permitting process for Boeing and $10 billion in funding for transportation improvements.įor the Seattle area to win the coveted work, Boeing’s machinist union also is being asked to approve a long-term labor contract with concessions on pensions and healthcare. Budget and policy highlights Decisions behind the governors budget proposal, highlighting major areas of change. The Boeing logo is seen at their headquarters in Chicago, April 24, 2013.
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