Boeing workers have voted to accept the aviation giant's latest pay offer, ending a damaging seven-week-long walkout. Under the new contract, they will get a 38% pay rise over the next four years.

Boeing President and CEO Kelly Ortberg has announced that the company is reducing its workforce by 10 percent. An ongoing strike by Boeing's biggest union, the International Association of Machinists and Aerospace Workers (IAM), is proving costly on several fronts for the company.

If Boeing machinists vote down the company's pay offer for a third time it could drive Boeing deeper into financial uncertainty.