According to Reuters on November 1st, Boeing and the IAM union, representing 0.033 million striking workers, reached a preliminary agreement. The International Association of Machinists and Aerospace Workers (IAM) said in a statement on Thursday that the new proposal includes a 38% pay raise over four years, higher than the previous proposal of 35%. Boeing also allows employees to choose a one-time signing bonus of $0.012 million or the previous proposal, which is $7,000 approval bonus and $5,000 401(k) retirement. Union members plan to vote on the proposal next Monday. The union urges workers to approve the contract, stating that demanding their members to strike for a longer period "is not right, as we have already achieved such great success."