Boeing and the union representing striking machinists have negotiated a new contract proposal that includes wage increases and bigger bonuses, aiming to end a costly walkout that paralyzed aircraft production for more than a month .

The International Association of Machinists and Aerospace Workers announced Saturday morning that it plans to hold a ratification vote on Wednesday.

The union said the deal would increase wages by 35% over four years, up from 30% proposed last month. It also increases the ratification bonus to $7,000 per worker from $6,000.

The new offer would not restore a traditional pension plan – a key demand of the 33,000 strikers – but it would increase the amount of contributions to 401(k) retirement plans that Boeing would equalize and retain the performance bonuses that Boeing wanted to eliminate, the the union said.

“The fact that the company has come forward with an improved proposal is a testament to the determination and dedication of the frontline workers who went on strike – and the strong support they received from so many people said union district presidents Jon Holden and Brandon. Bryant said in a statement.

“We look forward to our employees voting on the negotiated proposal,” Boeing said.

The union thanked Acting Labor Secretary Julie Su for helping produce the new proposal. Su met with company and union officials this week in Seattle, a sign of the Biden administration’s concern about the strike’s impact on the economy.

About 33,000 members of IAM District 751 went on strike Sept. 13 after more than 94 percent voted to reject a Boeing offer backed by union leaders.

The strike by workers in Washington, Oregon and California has halted production of Boeing 737s, including the 737 Max, as well as the 767 and 777. Boeing continues to build 787 Dreamliners at a non-factory. unionized in South Carolina.

The strike led Boeing’s new CEO, Kelly Ortberg, to announce about 17,000 layoffs and take early steps to raise up to $25 billion from new stock or debt to shore up the company’s finances. ‘business.

Boeing suppliers are also feeling the effects. Spirit AeroSystems, which makes fuselages and other components for Boeing planes, said Friday it would put 700 workers on a three-week furlough starting at the end of the month and would resort to layoffs if the strike of Boeing continued beyond November.