Boeing has proposed a new deal in a bid to bring an end to the ongoing strike action from the International Association of Machinists and Aerospace Workers union.

The aircraft manufacturer has put forward a deal that would hand workers a 38 percent pay rise over the next four years, as well as a US$12,000 bonus for workers when a deal is reached between the two sides.

The union, which represents over 30,000 striking employees, has endorsed the new offer despite having previously demanded a 40 percent pay increase. Its members having already rejected two offers, including a 35 percent rise.

“It is time for our members to lock in these gains and confidently declare victory,” the association said following the offer. “We believe asking members to stay on strike longer wouldn’t be right as we have achieved so much success.”

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

The walkout, which started on 13th September, is believed to have cost nearly US$10 billion and Boeing shares are down over 40 percent year-to-date.

To cope with the impact of the strike, Boeing launched a stock sale last week, raising nearly US$21 billion from the public offering. The company is also preparing to lay off around 17,000 employees, a tenth of its workforce, as well as delaying the delivery date of its 777x aircraft due to the disruption caused by the walkout.