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It seems Boeing already offered all this, save for the defined benefit plan, which obviously won't happen, and a 5% difference in the raise, from "extremely lar
by ImPostingOnHN 2y ago
It seems Boeing already offered all this, save for the defined benefit plan, which obviously won't happen, and a 5% difference in the raise, from "extremely large raise" to "ridiculously large raise".
What compromise has the union offered from their own initial demands? They could stop the strike anytime they want.
- jen20 2y agoWhy will a defined benefit scheme “obviously” not happen?
- linotype 2y agoBecause defined benefit plans (at least in the US) are dead and have been for a while (10 years in the Boeing case).
- ImPostingOnHN 2y agoThank you for asking a good faith question. To answer, I've provided a couple of links below, but the tl;dr is that they're unaffordable for companies, and as a result have become an anachronism. Boeing specifically was already losing billions before the strike, so has a negative ability to give more, much less increase their 60+ billion dollar unfunded pension liabilities with new generations they'll have to keep paying for another half century. https://finbox.com/NYSE:BA/explorer/unfunded_vested_pension_liab/ https://finbox.com/NYSE:BA/explorer/unfunded_vested_pension_... https://www.barrons.com/articles/boeing-strike-pension-plan-restart-0d1b4adb https://www.barrons.com/articles/boeing-strike-pension-plan-... Notably, the question I asked before yours, was also in good faith. I answered yours first as a further show of good faith, but the question that now must be addressed is: What compromise has the union offered from their own initial demands?
- jen20 2y agoThanks for the links, that does indeed seem to support your assertion. I don't know enough about this dispute in general to offer opinion on what any party has or hasn't done though, so anything I have to say about the union representing Boeing workers would just be noise in the conversation.
- salawat 2y agoThe union had already compromised, and if Boeing has unfunded pension liabilities, why in the fuck were they doing stock buybacks? Unfunded pension liabilities = undelivered compensation for people who have already worked for you. What in the Sam is wrong with this bloody country man? Does anything actually bloody work?
- ImPostingOnHN 2y agoI know, I totally support Boeing selling their buyback'd stock, even if it tanks the stock price (executive compensation be damned), and using the proceeds to account for a portion of their unfunded pension liabilities. Even if they did that, though, I don't think it would cover their current pension liabilities, much less new ones which will continue to grow for decades.
- Pet_Ant 2y ago> and a 5% difference in the raise, from "extremely large raise" to "ridiculously large raise". Sorry, but we've had a large run of inflation _and_ we have no idea what kind of raises they've had in the recent past. Have they had cost of living raises, or nothing from the last 5 years so they need to catch up? There is always more context than can fit in a single sentence.