Boeing and its union of 33,000 members reached a tentative deal, on Saturday, that could win workers a 35% wage increase and end a strike hampering the company's production, per the proposal.

Boeing already dealt the blow of repeated safety issues, has been trying to increase production and salvage its reputation.

The proposed wage increase would be spread over four years, with 12% distributed the first year, another 8% each of the next two years, and 7% in the fourth year.

Most of the company's Seattle-area machinists — part of the International Association of Machinists and Aerospace Workers union who construct Boeing's 737, 777, and 767 jets— went on strike Sept. 13, Axios reported.

 The union has set a vote to ratify the proposed contract for Wednesday.

Boeing's new CEO announces 17,000 job cuts amid strikes, safety crisis

Earlier this month, Boeing's new CEO, Kelly Ortberg, announced a sweeping reduction of 17,000 jobs, or roughly 10% of the company's workforce, as the aerospace giant grapples with a crippling strike, ongoing safety concerns, and financial losses.

Ortberg cited the need for "tough decisions" and "structural changes" to align the company with the harsh economic realities it faces.

The job cuts come amid a prolonged strike involving 33,000 workers in Washington and Oregon, which has halted production of Boeing's flagship jets, including the 737 Max, 767, and 777.

The one-month-old strike is centered on a contentious pay dispute, and negotiations between the company and unions remain at a stalemate.

Ortberg noted that the layoffs would affect all levels of staff, including executives, managers, and production employees.

"We must reset our workforce levels to align with our financial reality," Ortberg said in a memo to employees.

"I sincerely wish we could avoid taking these actions, but the state of our business and our future recovery require tough decisions."