According to Bloomberg on the 1st, U.S. aircraft manufacturer Boeing and its labor union have reached a tentative agreement to increase wages by 38% over the next four years.

Boeing's largest union, the International Association of Machinists and Aerospace Workers (IAM) Local 751, announced that the company had proposed a 38% wage increase over four years, along with a $12,000 bonus if the agreement is finalized.

The Boeing union plans to hold a vote on whether to accept this proposal on the 4th.

This proposal came just over a week after Boeing’s union rejected the company's initial offer of a 35% wage increase over four years on August 23.

At that time, although union leadership reached a tentative agreement with the company, the proposal was ultimately rejected by a 64% vote against it.

The Boeing union has been demanding a 40% wage increase, citing the rising cost of living in the Seattle area. The strike, which began on September 13, has disrupted Boeing's production and delivery operations, especially as the company faces a crisis following repeated accidents involving the 737 Max model.

This strike is Boeing’s first since the global financial crisis in 2008, marking a 16-year gap.

Boeing previously stated that it expects the strike to increase third-quarter losses and announced plans to cut 10% of its workforce, approximately 17,000 jobs, as part of cost-reduction measures.