Just the facts: Details of new proposed IAM contract

Source: Seattle Times

• New contract is for four years.
• 15% pay raise over the course of the contract, which will come in 5, 3, 3, and 4 percent over the years of the contract.
• Minimum wages raised $2.28. Recent hires will get a supplemental raise to boost them past the entry level for new hires.
• Vendors will deliver parts to receiving areas inside the factory, but machinists will handle parts after that on legacy programs. (737, 747, 767, 777)
  
• Vendors will continue to deliver parts directly to the 787 assembly line.
  
• Machinists currently working in facilities maintenance are protected from layoffs due to outsourcing.
• No increase in medical plan costs for employees
• Monthly pension $81/yr service for 3 years, then $83/yr service the 4th year.
• Lump-sum payments: $5000 or 10% annual salary for 1st year, $1,500 2nd and 3rd year.

A vote by the IAM membership could come in three to five days and requires a simple majority (50% +1) to ratify the new contract.