SPEEA Union Votes on Revised Contract Offer from Boeing

The Society of Professional Engineering Employees in Aerospace (SPEEA) is voting on a revised four-year contract offer from Boeing, which includes a guaranteed wage increase and improved compensation packages.

The new package offers a 10% guaranteed wage increase following approval, with additional increases tied to inflation but capped at 3%. The compounded headline value rises from roughly 29.4% to roughly 36.3%, with the change in guaranteed floor being the most significant aspect of the revised offer.

The SPEEA bargaining teams have recommended a Yes vote on the contract, but there are still concerns among some members about the structure and fairness of the deal.

The Professional unit (12,696 members) and Technical unit (3,959) will hold separate votes under their respective contracts. In August, the Technical unit rejected a previous offer by an even larger margin than the Professional unit, with 71.87% rejecting the deal compared to 64.25% in the Professional unit.

The cost of ratifying the contract is estimated to be around $240 million per year in base salary, which is a small fraction of Boeing's overall finances. The company has reaffirmed its full-year free cash flow guidance of $1-3 billion and maintains a record backlog of $715 billion.