Boeing workers have voted to accept the company's latest pay offer, concluding a seven-week strike that significantly impacted production at the aviation giant. The deal, which includes a 38% pay increase over four years, was approved by 59% of union members from the International Association of Machinists and Aerospace Workers (IAM). Along with the pay rise, workers will receive a one-time $12,000 bonus and improved retirement benefits.

Around 30,000 Boeing employees began the strike on September 13, demanding better wages and benefits. The work stoppage caused substantial slowdowns across Boeing’s factories, deepening the company’s ongoing financial challenges. "Through this victory and the strike that made it possible, IAM members have taken a stand for respect and fair wages in the workplace," said union leader Jon Holden.

Boeing initially resisted the union’s demand for a 40% pay increase, which led to two prior rejections from workers. However, the newly accepted offer marks a compromise both parties could agree on. Employees will start returning to work as early as Wednesday, with others expected to resume by November 12.

The prolonged strike underscored the significance of Boeing’s workforce, drawing attention even from the White House. Acting U.S. Labor Secretary Julie Su traveled to Seattle in October to support negotiations, illustrating the national importance of the company’s production and stability.

Boeing’s financials have taken a hit, with consulting firm Anderson Economic Group estimating the strike cost nearly $10 billion. In October, Boeing reported $4 billion in operating losses for its commercial aircraft segment, alongside plans to lay off approximately 17,000 workers beginning in mid-November. To mitigate these financial strains, Boeing launched a $20 billion share sale last week.

Kelly Ortberg, Boeing’s chief executive, acknowledged the challenges of recent months but stressed the importance of unity. "While the past few months have been difficult for all of us, we are all part of the same team," he said. "There is much work ahead to return to the excellence that made Boeing an iconic company."

The strike came amid other crises for Boeing, including a significant mechanical failure in one of its passenger planes and issues with its Starliner spacecraft. As workers return to the production line, Boeing faces the dual challenge of regaining momentum in its commercial and aerospace sectors and restoring confidence among its stakeholders.