Striking Boeing will vote on Monday on an improved contract offer that includes a 38 per cent pay rise over four years, a larger signing bonus and carries the endorsement of their union, which told members it had extracted all it could from the plane maker.

The latest offer, presented on Thursday, comes at a critical moment for Boeing, which this week announced it would raise up to $24.3 billion to shore up its battered finances as a seven-week strike by more than 33,000 US West Coast factory workers worsens its cash burn.

“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labour. We are at that point now and risk a regressive or lesser offer in the future,” the International Association of Machinists and Aerospace Workers (IAM) said.

Members rejected two earlier offers from Boeing.

The plane maker’s shares rose 2.8 per cent in after-hours trading after the offer was announced earlier in an exclusive report by Reuters. Shares had closed down 3.2 per cent on Thursday.

Talks between the two sides were held this week with the assistance of Acting US Secretary of Labour Julie Su, who praised the union and Boeing for their hard work in negotiating the deal.

The union vote will come the day before the US presidential poll, which is a dead heat between Democrat Kamala Harris, who would be expected to continue the Biden administration’s pro-union policies, and Republican Donald Trump.

President Joe Biden congratulated the union and Boeing’s leadership on negotiating a new contract proposal, a White House spokesperson said, adding Biden “believes Machinists at Boeing have sacrificed over the years and deserve a strong contract”.

An approved deal would be a boost for new Boeing CEO Kelly Ortberg.