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.

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The union said Boeing’s offer would raise wages by 35% over four years, up from 30% proposed by the company 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 match. It would also keep the performance bonuses that Boeing wanted to eliminate and increase them to at least 4% of salary, 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.

The union said some details — including when workers would return to work if they approved the deal — would be part of Wednesday’s vote.

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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, even though it fell short of the union’s goal a 40% salary increase.

Union leaders, reprimanded, even refused to call a member vote on a Boeing offer in early October.

On Saturday, union officials did not approve the new offer, but told members it “deserves your consideration.” They said that when annual salary increases are compounded, they total 39.8%.

Boeing said the average annual salary for machinists is currently $75,608.

The strike by workers in Washington, Oregon and California has halted production of Boeing 737s, including the 737 Max, as well as 767s and 777s. Boeing continues to build 787 Dreamliners at a factory not 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.

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