Boeing Scraps Most 2021 Pay Raises, Gives Out Stock Instead
- Union members excluded since compensation is set by contract
- Recovery may take three years even with vaccines, CEO says
This article is for subscribers only.
Boeing Co. is scrapping most pay raises next year and giving out shares instead as the company braces for a long recovery from the coronavirus pandemic.
The restricted stock units will vest for workers who stick with Boeing through Dec. 14, 2023, Chief Executive Officer Dave Calhoun said in a message to employees Wednesday. Executives are excluded from the one-time grant, as are union members, whose annual compensation is set through collective bargaining.