Boeing CEO tells striking workers to approve third contract offer — or else

Boeing (BA) machinists are voting once again on Monday on a contract that could end their nearly two month-long strike. This would be the third agreement to come up for ratification, and union leaders with the International Association of Machinists and Aerospace Workers (IAM) think workers should agree to it.

“This is truly the time to lock in these gains and work to build more in future negotiations,” the union told workers in an update. “You can confidently declare victory, vote yes for this agreement, and build on this for generations to come.”

The Seattle Times reportsthat Boeing CEO Kelly Ortberg told workers that offers from Boeing would get worse if they did not approve this one.

“The next offer will be regressive,” he reportedly said. (At one point during talks, Boeing said an informal 30% raise offer would be its “best and final” proposal, but it has since two offers better than that.)

The current agreement on the table offers workers a 38% wage increase. That’s short of the 40% that workers have been demanding but is greatly increased from the initial 25% contract the company put forward. Another potential source of disappointment is the absence of a reinstated pension, which has been a sore spot during negotiations.

The previous contract offer, which included a 35% raise, was voted down by nearly two-thirds of the IAM’s affected membership last month. That tally suggested some motion from the first contract offer, which 95% of members voted down.

Whether the contract is ratified carries incredibly high stakes for Boeing. Though it recently sold more than $20 billion in equity to raise some much-needed cash, the company can only hold out for so much longer while it races to get production back online. The striking machinists are responsible for work on the vast majority of the plane-maker’s output.

Workers beyond Boeing’s factories will likely be watching the vote with great anticipation, as well. Boeing workers have been furloughed as a result of the strike, and the company’s suppliers have had to make cutbacks. The work stoppage has such an outsize economic effect that it warped the most recent jobs report.

Voting on the contract will continue until 7 p.m. PST, though it could take longer to tabulate results.

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