Despite contract negotiations that began in May and intensified in mid-September, the disagreement between Boeing and the IAM machinists' union persists, with relations appearing to be at an all-time low
A tentative agreement has been reached in the Boeing strike, according to a report. AFP

A tentative deal has been reached to end the weeks-long strike at Boeing, according to several media reports.

The union announced the impending agreement to its 33,000 striking members Saturday morning.

A majority of the International Association of Machinists and Aerospace Workers rank-and-file members must still ratify the deal before it will go into effect and workers will return.

That vote is scheduled for Wednesday, the union said.

The union said the proposal offers a 35% increase in wages over the four-year life of the contract, an increase from the 30% offered last month.

It also raises ratification bonuses to $7,000 per worker instead of $6,000, the Associated Press reported.

And while the deal would increase the amount of contributions to 401(k) retirement plans that Boeing would match, it would not restore the traditional pension plan that was taken away, a sore point for many of the union members.

"We look forward to our employees voting on the negotiated proposal," Boeing said in a statement, the AP reported.

The strike began on Sept. 13 and has halted production of Boeing 737s, 767s and 76ers 777s.

Boeing has been losing about $1 billion a month because of the strike, CNN reported.

Last week, Boeing's CEO Kelly Ortberg said the company would cut its workforce by about 17,000 jobs in the coming months.

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