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Boeing paid out $418M in bonuses to WA employees last month

Dominic Gates, The Seattle Times on

Published in Business News

The 25% of the weighting for 2023 operational performance was based on metrics including quality, production stability, employee safety, climate and equity, diversity and inclusion.

Commercial Airplanes vs. Defense performance

Boeing scored the performance of each separate business unit, with the Commercial Airplanes division awarded 72% of target, the Defense and Space division 80%, the profitable Services division 119% and corporate employees 90%.

For members of Boeing’s white-collar union, the Society of Professional Engineering Employees in Aerospace, or SPEEA, the target bonus was 5% of total pay in 2023.

So for an engineer working on commercial jets, this produced a bonus of 3.6% of total pay in 2023, down from a 5.8% bonus the previous year.

An engineer who works on defense projects got a 4% bonus, up from 3.6% the previous year.

The bottom line, according to SPEEA data, is that its members received a total of $85 million.

 

The union’s 12,766 engineers got bonuses totaling $66 million, or $5,179 pretax on average.

SPEEA’s 5,094 technical staff got bonuses totaling almost $19 million, or $3,713 pretax on average.

Boeing’s local blue-collar workers, members of the International Association of Machinists union, are paid according to a separate bonus plan with payouts determined by preset targets for employee safety, productivity and quality metrics.

The IAM bonus paid in February was 3.8% of total 2023 wages including overtime pay, up from 3.7% the previous year.

The union did not provide dollar figures for the bonuses its members received.


©2024 The Seattle Times. Visit seattletimes.com. Distributed by Tribune Content Agency, LLC.

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