Boeing and its machinists’ union have reached a new contract proposal, which could potentially end a strike that has disrupted the company’s aircraft production for over a month. The union announced the deal on Saturday, with a ratification vote scheduled for Wednesday.

The proposal includes a 35% wage increase over four years, a higher $7,000 signing bonus, guaranteed annual bonus payouts, and increased 401(k) contributions, among other improvements. Acting U.S. Secretary of Labor Julie Su helped mediate the negotiations earlier this week. The union praised the deal, saying it was worthy of members’ consideration.

A White House spokesperson emphasized President Biden’s belief in collective bargaining as the best way to secure positive outcomes for workers, noting that the final decision rests with union members.

The strike, which began on September 13, followed the rejection of a previous tentative agreement offering a 25% wage increase. Boeing later made an improved offer, but the union criticized it for not being negotiated. Boeing expressed optimism about the upcoming vote.

The strike has added to Boeing’s challenges as the company faces financial losses from safety issues related to its 737 Max and other production struggles. Earlier this month, Boeing announced it would take a $5 billion hit in its commercial and defense divisions. A successful contract vote would be a significant win for new CEO Kelly Ortberg, who assumed the role in August and has been tasked with reshaping the company. Ortberg also recently announced plans to cut 10% of Boeing’s workforce and to cease 767 production after fulfilling existing orders by 2027.