Boeing and its largest union reach a contract proposal that includes larger pay increases. If ratified, it could end a more than high-profile and costly strike that has roiled the plane maker for more than a month.
The proposal – which members of the machinists union are set to vote on Wednesday – includes a 35% wage increase over four years and a ratification bonus of $7,000.
In a tweet, the International Association of Machinists and Aerospace Workers told workers the most recent proposal is “worthy of” consideration.
More than 30,000 Boeing machinists have been on strike since September, dragging on plane production and adding to financial pressures. The plane maker has since said it would lay off thousands of employees and seek to raise billions of dollars to shore up its finances.
The strike came weeks after Boeing CEO Kelly Ortberg took the helm of the company. Ortberg succeeded Dave Calhoun, who stepped down after countless safety issues plagued the Boeing 737 Max.
Boeing shares have tanked over 35% since January. Its latest quarterly earnings showed it missed its targets for key metrics.
As the strike dragged on, strike-related financial risks have put the company on watch for a credit downgrade from S&P Global, which recently said it could lower its rating to junk.
Several rounds of previous negotiations between the planemaker and the union had fallen through in recent weeks. In one recent proposal, Boeing offered a raise of 30% but the union declined. The company withdrew that initial offer and announced talks had come to a halt.