Boeing will pay out a total of $77.6 million in annual bonuses next week to almost 34,000 employees in Washington and Oregon represented by the Machinists union.
Boeing will pay out a total $77.6 million in annual bonuses next week to almost 34,000 employees in Washington and Oregon represented by the Machinists union, the company said Wednesday.
The International Association of Machinists (IAM) union has an incentive plan, separate from other employee groups, that’s based on metrics assessing quality, productivity and safety.
Based on performance against those metrics last year, the incentive plan will pay out to each Machinist member a bonus equal to 3 percent of gross earnings in 2015.
The bonuses will be distributed in employee paychecks Feb. 18.
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Last month, Boeing announced annual incentive bonuses for almost 42,200 nonexecutive salaried employees in Washington — including engineers and technical staff in the Society of Professional Engineering Employees in Aerospace (SPEEA) union — would total $140 million.
Those white-collar bonuses, ranging from 8.25 to 9.75 days of additional pay to be distributed Feb. 25, were down 26 percent from the previous year based on the company’s 2015 financial performance.
The bonus from the IAM incentive plan is almost the same this year as last, when it paid out 3.1 percent of gross earnings for a total $77.9 million in additional pay.