Back towards the start of July, we reported that Boeing had created a $100 million fund. This fund is intended to help those affected by both of the Boeing 737 MAX crashes. Today the fund became operational.
In the past year, two fatal Boeing 737 MAX crashes have occurred claiming the lives of all those on board. These eventually led to the aircraft type being grounded back in March. Now, around six months on, the airline’s victims fund has been made operational. Boeing’s 737 MAX victim fund consists of $100 million.
What is the fund for?
Boeing’s fund is designed to help both victims of the Boeing 737 MAX tragedies, and the local communities affected by the two incidents. In fact, the $100 million fund has been split into two. $50 million of the fund will go to immediately assist the families of those lost in the accidents. However, the remaining $50 million will go to “support education and economic empowerment in impacted communities”.
In total 346 people died across the two incidents. This includes 16 members of crew. The funding will be equally shared 346 ways, meaning that each payout would be $144,508. The money is being distributed is completely independent of any legal action from the victim’s families.
Fund now live
Boeing’s Financial Assistance Fund went live today according to the American manufacturing giant. This means that from today those directly affected by the two incidents can now lodge a claim to be included in the distribution of these funds. Families will have until the years end to submit a claim to be included within the fund.
Speaking of the fund going live, Dennis Muilenburg, chairman, president and CEO of The Boeing Company said,
“The recent 737 MAX tragedies weigh heavily on all of us at Boeing, and we continue to extend our deepest sympathies to the families and loved ones of all those on board. The opening of this fund is an important step in our efforts to help affected families. We thank Ken Feinberg and Camille Biros for their important work leading this effort.”
Not the only fund
The $100 million fund mentioned above is, however, not the only fund that has been raised by Boeing. $780,000 has been raised as part of the One Boeing Support Fund. This fund is separate from the Boeing Financial Assistance Fund.
The One Boeing Support Fund allows Boeing workers and ex-workers to donate to support affected communities. Boeing then matches the donation. For example, if a Boeing worker donated $10, Boeing would add $10 making the total donation $20. Boeing will continue matching donations until the end of the year.
What do you make of Boeing’s funds? Let us know in the comments.