WICHITA, KS—Union workers at Textron Aviation ratified a new five-year contract on Oct. 20, ending a four-week strike.
Highlights of Textron’s new five-year contract with the International Association of Machinists and Aerospace Workers include:
- A total general wage increase to 31 percent during the five-year term, including an immediate 11 percent raise.
- A guaranteed $3,000 lump-sum payment each year of the contract, totaling $15,000 per employee. Textron said employees can choose to have that lump sum added to their paychecks, or put into their retirement plans or Health Savings Accounts.
- Cost of living adjustment maximum that more than doubled from $700 to $1,500 per year.
- New longevity pay to recognize long-term employees.
- Caps on increases to annual health insurance premiums.
- No premium increases from 2025 to 2029 to the company’s no-deductible health plan.
