Striking Boeing workers are expected to vote on a new offer from the aviation giant, which includes a 38% pay increase over the next four years.

The International Association of Machinists and Aerospace Workers (IAM) union, which represents more than 30,000 striking workers, approved the offer and said it would hold a vote among its members on Monday.

The walkout began on September 13, causing a dramatic slowdown in production and deepening the crisis within the company.

The union had previously demanded a 40% wage increase and workers rejected two previous offers, including the latest offer of a 35% increase.

As well as the proposed pay rise, the latest offer includes a $12,000 (£9,304) bonus for workers if a deal is reached, up from $7,000.

“It is time for our members to consolidate these gains and declare victory with confidence,” the IAM said on social media.

“We believe that asking members to remain on strike any longer would not be a good thing given that we have had so much success.”

Boeing said the offer would raise the average annual salary to $119,309 over the next four years.

“We encourage all of our employees to learn more about the enhanced offer and vote on Monday, November 4,” Boeing said in a statement.

The new offer also includes changes to workers’ pension plans.

Shares of Boeing rose 2.7% in extended trading in New York after the proposed deal was announced.

Boeing is trying to end the strike and shore up its finances.

Last week, its commercial aircraft business posted operating losses of $4 billion for the three months ended September.

The company also launched a stock sale to raise more than $20 billion earlier this week.

The move follows warnings that a prolonged strike could lead to a downgrade of Boeing’s credit rating, making it more expensive for the company to borrow money.

The company is also moving forward with plans to lay off around 17,000 workersthe first layoff notices are expected in mid-November.

The latest crisis at Boeing broke out in January with a outdoor blowout from a piece of one of its passenger planes.

Its space business also suffered a reputational blow after his Starliner ship was forced to return to Earth without carrying astronauts.