Effective Sept. 9th, 2022, a 54¢ cost-of-living adjustment (COLA) will be added to the hourly wage rate for IAM members at Boeing. The 54¢ was generated for the quarter May, June and July 2022. The new 54¢ along with the $1.01 COLA generated since last September (total of $1.55) will be permanently rolled into the base rates on Sept. 9, 2022.
The value of our quarterly COLA, even when it is only a few pennies in a quarter, has a significant impact on our maximum rates over time. As of Sept 9, 2022, $19.06 has been folded into the maximum wage rates due to the COLA formula since it was negotiated into our bargaining agreement in 1963 – demonstrating the importance of this provision in our contract.
View our video showing how COLA is calculated: https://youtu.be/JxGUYPvRF_s
751 Member Communications