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To safely sustain the recovery in commercial air travel and meet escalating long-term growth, according to Boeing Co.’s (NYSE: BA) 2022 Pilot and Technician Outlook (PTO), 2.1 million new aviation professionals will be needed over the next 20 years.
The long-term prediction indicates that over the next 20 years, the world’s commercial fleet will require 602,000 pilots, 610,000 maintenance technicians, and 899,000 cabin crew members.
According to Boeing’s recently issued Commercial Market Outlook, the global fleet is anticipated to increase to 47,080 aircraft by 2041, nearly doubling from the current number. The PTO for this year indicates a 3.4% rise from 2021, excluding the region of Russia
Boeing is developing competency-based training and assessment solutions with an emphasis on quality and safety.
Separately, Reuters reported that approx. 2,500 employees at Boeing’s three defense locations in the St. Louis area rejected the company’s defense contract offer and will strike at the locations starting Aug. 1.
“Boeing previously took away a pension from our members, and now the company is unwilling to adequately compensate our members’ 401(k) plan,” the International Association of Machinists and Aerospace Workers union said in a statement. It added that union workers would not accept a contract that is not fair and equitable. “We will not allow this company to put our members’ hard-earned retirements in jeopardy,” the union added.
The current contract is set to expire on Monday, July 25.
Price Action: BA shares are trading lower by 1.31% at $156.09 on the last check Monday.
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