03:34 PM EDT, 09/23/2024 (MT Newswires) -- (Updates with additional details in the third and fourth paragraphs.)

Boeing ( BA ) submitted a new proposal to the union representing the machinists on strike, increasing its wage-hike offer to 30% over four years from 25%, the Seattle Times reported Monday.

The new offer consists of an immediate 12% raise followed by 6% hikes each year over the remaining three years, according to the report. In addition, the annual bonus that was removed from the previous offer was restored.

The company also doubled the ratification bonus to $6,000, reinstated the Aerospace Machinists Performance Program bonus, and increased company match on Boeing ( BA ) 401(k) to 100% of the first 8% an employee contributes, plus continued automatic 4% company contribution.

"If approved, the average annual machinist pay at the end of this 4-year contract would increase from $75,608 a year to $111,155," a Boeing ( BA ) spokesperson told MT Newswires' in an email.

The International Association of Machinists and Aerospace Workers District 751 did not immediately respond to a request for comment from MT Newswires.

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