Workers on strike at Boeing are preparing to cast their vote on a fresh proposal from the aerospace titan, featuring a notable 38% wage increase over the course of the next four years.

The International Association of Machinists and Aerospace Workers (IAM), representing over 30,000 striking Boeing employees, has supported this offer and will conduct a member vote on Monday.

The strike, which began on September 13, has dramatically slowed down Boeing's production, further complicating the company’s ongoing challenges.

Initially, the union laid out demands for a 40% wage hike, and workers have already turned down two prior proposals, including a 35% pay increase in the most recent offer.

Apart from the salary bump, this new proposal features an additional $12,000 bonus (around £9,300) for workers, a rise from the previously suggested $7,000.

"It’s time for our members to secure these gains and confidently celebrate a victory," an IAM post on social media expressed.

"We believe keeping the strike going any longer wouldn’t be the right decision, as we’ve accomplished significant progress."

Boeing noted that, under the new deal, average yearly earnings would climb to $119,309 within the next four years.

"We urge all of our employees to review the upgraded offer and cast their votes on Monday, November 4," Boeing mentioned in a statement.

The updated offer also brings adjustments to workers’ retirement benefits.

Following the announcement of the proposed deal, Boeing stock saw a 2.7% increase during extended trading hours in New York.

As the strike has already cost Boeing nearly $10bn—according to analysts at Anderson Economic Group—the company is making efforts to resolve the labor dispute and stabilize its financial position.

For the three months ending in September, Boeing's commercial airplane division reported operational losses of $4bn.

Earlier this week, Boeing initiated a stock sale aimed at generating over $20bn.

This move came after warnings that a prolonged walkout could impact Boeing's credit rating, potentially escalating its borrowing costs.

Plans to lay off around 17,000 workers are also going forward, with the first notices expected to arrive by mid-November.

The latest troubles for Boeing stem from an incident in January, when a major mid-air failure occurred with one of its passenger jets.

Boeing’s space division also faced reputational damage after its Starliner spacecraft returned to Earth prematurely, without completing its planned crewed mission.