Union workers at the Boeing factory will vote Monday on whether to accept a contract offer or continue their strike, which has lasted more than seven weeks and resulted in the halting of production of most passenger planes from Boeing.

A vote to ratify the contract would clear the way for the aerospace giant to resume aircraft production and provide much-needed cash. If members of the International Association of Machinists and Aerospace Workers vote a third time to reject Boeing’s offer, it would plunge the company into additional financial peril and uncertainty.

In its latest contract proposal, Boeing offers salary increases of 38% over four years, as well as ratification and productivity bonuses. IAM District 751, which represents Boeing workers in the Pacific Northwest, approved the proposal, which is slightly more generous than the one the machinists rejected nearly two weeks ago.

“It’s time for our members to consolidate these gains and declare victory with confidence,” the union district said in Monday’s vote. “We believe that asking members to remain on strike any longer would not be fair given that we have had so much success.”

Union officials said they believe they have achieved all they can through negotiations and the strike, and that if the current proposal is rejected, future offers from Boeing could be worse. They hope to announce the result of the vote Monday evening.

Boeing has flatly rejected demands to reinstate traditional pensions that the company froze nearly a decade ago. Pensions were a key issue for workers who rejected previous offers in September and October.

If the machinists ratify the latest offer, they will return to work by Nov. 12, according to the union.

The strike began on September 13 with an overwhelming 94.6% rejection of Boeing’s offer to raise wages by 25% over four years – far less than the union’s initial demand for a 40% wage increase. % over three years.

Machinists rejected another offer – a 35% increase over four years, but still no pension boost – on October 23, the same day Boeing reported a third-quarter loss of more than $6 billion. However, the offer received 36% support, compared to 5% for the mid-September proposal, leading Boeing executives to believe they were close to a deal.

Boeing says the average annual salary for machinists is $75,608 and would increase to $119,309 in four years under the current offer.

In addition to slightly larger salary increases, the proposed contract includes a contract ratification bonus of $12,000, up from $7,000 in the previous offer, and larger company contributions to 401 retirement accounts (k) employees.

Boeing also promises to build its next jetliner in the Seattle area. Union officials fear the company will withdraw its commitment if workers reject the new offer.

The strike attracted the attention of the Biden administration. Acting Labor Secretary Julie Su has intervened several times in the negotiations, including last week.

The union standoff — the first strike by Boeing machinists since an eight-week strike in 2008 — is the latest setback in a volatile year for the company.

Boeing was the subject of several federal investigations after a door jam exploded from a 737 Max plane during an Alaska Airlines flight in January. Federal regulators placed limits on Boeing plane production that they said would last until they were confident in the company’s manufacturing safety.

The door jam incident has renewed concerns about the safety of the 737 Max. Two of the planes crashed within five months of each other in 2018 and 2019, killing 346 people. The CEO whose efforts to turn around the company failed announced in March that he would resign. In July, Boeing agreed to plead guilty to conspiracy to commit fraud for misleading regulators who approved the 737 Max.

As the strike dragged on, new CEO Kelly Ortberg announced about 17,000 layoffs and a stock sale to prevent the company’s credit rating from being downgraded to junk. S&P and Fitch Ratings said last week that the $24.3 billion in stocks and other securities would cover upcoming debt payments and reduce the risk of credit downgrades.

The strike has created a cash flow crisis by depriving Boeing of the money it gets from delivering new planes to airlines. The walkout at Seattle-area factories halted production of the 737 Max, Boeing’s best-selling plane, as well as the 777 or “triple-seven” and the freighter version of its 767 plane.

Ortberg admitted that confidence in Boeing has declined, that the company is too leveraged and that “serious deficiencies in our performance” have disappointed many airline customers. But, he says, the company’s strengths include an aircraft order backlog valued at half a trillion dollars.