As the walkout enters its second week, Boeing sweetens its labor proposition in its "best and final" offer

In response to the striking machinists, which has stopped most of the aerospace giant's aircraft production, Boeing sweetened its contract offer on Monday and declared it to be its "best and final" offer. The strike is now in its second week.

The union attacked the offer, claiming that Boeing had not engaged in negotiations and that it was an attempt to sidestep the union.

Under Boeing's revised proposal, general pay would rise from a previously suggested 25% to 30% over the course of four years. Additionally, it increased the company's 401(k) match, restored an annual machinist incentive, and doubled the ratification bonus to $6,000.

The new offer "was thrown at us without any discussion," according to the workers' union, International Association of Machinists and Aerospace Workers District 751.

After the IAM voiced concerns about the deadline, Boeing said the offer is subject to ratification by Friday at 11:59 p.m. PT. However, a day later, the company announced it will have "reached out to the union to give them more time and offer logistical support once they decide to vote." Boeing "has refused to meet for further discussion; therefore, we will not be voting on the 27th," the union announced on Monday.

It did, however, state that it will poll members over Boeing's fresh proposal.

It stated, "We will get your feedback on whether this offer satisfies your demands."

Following the union's answer, Boeing declared that since the formal talks started in March, it has been negotiating in good faith with the union.

A settlement is being increasingly pressured upon new CEO Kelly Ortberg to resolve the costly strike, which is the unionized work group's first since 2008. Boeing has made this latest attempt to negotiate an agreement.

According to Ron Epstein, an analyst at Bank of America, Boeing is losing $50 million every day as a result of the strike. Ratings agencies have warned that if the strike continues, Boeing might face a downgrade.

Boeing claimed that during the initial days of the strike, it began temporarily furloughing nonunion staff, including managers, and that it also instituted other cost-cutting measures such a hiring freeze, fewer employee travel, and the removal of first- and business-class airline tickets.

Boeing and the union expressed their dissatisfaction with last week's negotiations.

Boeing released a statement on Monday stating, "We presented a best and final offer that made significant improvements and addressed feedback from the union and our employees after an unsuccessful federal mediation last week." "We openly shared the details with our employees after presenting the offer to the union."

Workers voted 94.6% against the prior proposal, which the union had supported, leading to the strike.

Last week, machinists in Renton, Washington, told CNBC that they turned down the first contract that offered more money because they wanted their salary to stay up with the rapidly rising cost of living in the Seattle region.

In interviews, some employees claimed that they had started taking on side jobs like food delivery or warehouse work in preparation for a protracted strike. (*)