Boeing sweetens labor proposal in ‘best and final’ offer

Boeing on Monday sweetened a contract offer and said it was its “best and final” proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant’s aircraft production, entered its second week.

The new offer raised pay, reinstated annual bonuses and increased a bonus that would be given upon the contract’s ratification, among other changes, Boeing said on its website.

Boeing’s new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000 and reinstated an annual bonus.

The labor union, the International Association of Machinists and Aerospace Workers, didn’t immediately comment on the offer. Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT.

The new offer is Boeing’s latest attempt to reach a deal with its machinists and end a costly strike, the unionized work group’s first since 2008. Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.

This is breaking news. Please refresh for updates.