There's a new game theory in Seattle; we'll pay you now (more) or see you later;
The outline of what’s under consideration suggests a major poker play by the company to cut its long-term costs, using the future of airplane manufacturing in the Puget Sound area as the high stakes on the table.
...discussions have included a signing bonus as high as $10,000 for all members as well as a “golden handshake” buyout that would allow retirement with boosted pension terms for those over age 58.
The take-aways include significantly higher health care premiums and, crucially, a radically changed pension plan.
The International Association of Machinists (IAM) is the last Boeing union with a traditional pension and the company has sought unsuccessfully in multiple contract negotiations to move new hires to a 401(k)-style retirement savings plan.The strategy;
Offer the big signing bonus to entice younger members who perhaps aren’t thinking of staying their entire working lives with the company. And use the golden handshake early retirement package to swing the votes of those planning to retire in the next few years.For those in the middle, it's a lose-lose proposition...unless they realize that Boeing not moving its production to Kansas or South Carolina is to their benefit too. Boeing has put the stark conflict between union members and their union leaders on the table.