US - Boeing and the Society of Professional Engineering Employees in Aerospace, IFPTE Local 2001 (SPEEA) have reached a tentative agreement which would preserve the defined benefit pension (DB) scheme for new employees, the union has said.
It also said: "The basic pension benefit is increased 18% over the life of the contract."
The agreement followed talks started on 29 October after more than eight months negotiating in committees.
Ray Goforth, SPEEA executive director and chief spokesperson, said: "These agreements are the result of lots of hard work by all parties. It's gratifying that we could reach an agreement and put the decision in members' hands."
Boeing said the new contracts would take effect from 2 December 2008 and expire on 6 October 2012.
According to the union, the agreements also provided salary increase pools of 5% in each year of the contract.
Further, engineers in the Professional unit would be guaranteed an increase of at least 2% each year, while technical workers would gain increases of at least 2.5% during each year of the contract.
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