Boeing offers pay increases to reach tentative deal with union in weekslong machinists strike [Video]

Boeing is offering its striking workers a new financial package in order to end the ongoing strike.

Both Boeing and its workers’ union announced the tentative deal on Saturday. The striking machinists will vote on the deal Wednesday.

The International Association of Machinists and Aerospace Workers Local 751 told Reuters that the new package includes a 35% pay hike over four years, a new incentive plan and a $7,000 ratification bonus.

The corporation is also offering employees 12% in 401(k) contributions, plus a one-time contribution of $5,000 to workers’ retirement accounts.

BOEING STRIKE: WHAT AIRCRAFT ARE AFFECTED?

The strike, which has been ongoing for five weeks, primarily involves Boeing’s West Coast workers. Around 33,000 machinists have refused to work on the 737 MAX and its 767 and 777 widebodies since Sept. 13.

Boeing said that it “looks forward to our employees voting on the negotiated proposal,” but striking workers have rejected Boeing’s offers in the past, even offers endorsed by …