Boeing union cancels strike set to start Monday

The union representing Boeing employees canceled a planned strike that would have started Monday, announcing they will instead vote on a modified contract.

The International Association of Machinists and Aerospace Workers (IAM) hammered out negotiations with Boeing over the weekend and will vote on the modified contract Wednesday, the union said in a press release.

Close to 2,500 workers from the St. Louis region, part of IAM District 837, will participate in the vote.

Last week, the workers threatened to strike after accusing Boeing of making "billions of dollars each year off the backs of our hardworking members" while not writing them a fair contract.

Boeing responded that it would offer a fair 401(k) retirement plan, award workers a 7.2 percent pay raise and provide a $3,000 signing bonus.

The new contract includes an $8,000 lump sum that can be wholly invested into the 401(k) plan, as well as no changes to the plan, which employees had protested.