SEATTLE — Tens of thousands of striking Boeing machinists are casting ballots on Monday over whether to approve a contract offer that could end their work stoppage after seven weeks.

The new offer delivers higher pay increases and a bolstered ratification bonus that would deliver each worker $12,000 if the union approves the deal, according to the International Association of Machinists and Aerospace Workers (IAM), the union representing 33,000 Boeing workers in Washington, Oregon and California.

The ongoing standoff has strained the finances of both sides. Union members have received $250 per week from a strike fund, beginning in the third week of the work stoppage. That compensation marks a major pay cut for many of the employees.

Boeing and its shareholders have lost about $5.5 billion since the strike began in September, according to an estimate last month from the Anderson Economic Group. Shares of Boeing have plummeted 40% this year but have ticked up slightly over the past month.

Union members resoundingly defeated two previous proposals from Boeing, but the latest offer marks the best deal the workforce is likely to receive, the union said in a public letter to membership on Saturday.

“This is truly the time to lock in these gains and work to build more in future negotiations,” IAM President Jon Holden and the union’s negotiating committee told members. “Allow yourself to capture this win and be proud of your sacrifice.”

The proposed contract would deliver a 38% raise over the four-year duration of the contract, upping the 35% cumulative raise provided in a previous offer overwhelmingly rejected by workers in a vote two weeks ago. Workers had initially sought a 40% cumulative pay increase.

The proposal also calls for hiking Boeing's contribution to a 401(k) plan, but it declines to fulfill workers' call for a reinstatement of the company's defined pension. Workers lost a traditional pension plan in a contract ratified by the union in 2014.

Nearly two thirds of union members rejected the most recent contract offer in a vote last month. The outcome followed the overwhelming defeat of a previous proposal in September, which drew rebuke from more than 90% of union members.

“It’s time we all come back together and focus on rebuilding the business and delivering the world’s best airplanes,” Boeing CEO Kelly Ortberg wrote in a memo to employees on Friday. “There are a lot of people depending on us.”

It will take a majority vote of union members to approve the contract offer. If workers ratify the deal, they can return to work as early as Wednesday, the union said.

“The decision to end this strike is right where it needs to be -- in the membership’s hands,” Holden and the negotiating committee said in their public letter.

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