Unionized machinists at Boeing voted Monday to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash.

Leaders of the International Association of Machinists and Aerospace Workers district in Seattle said 59% of members who cast ballots agreed to approve the company’s fourth formal offer and the third put to a vote. The deal includes pay raises of 38% over four years, and ratification and productivity bonuses.

However, Boeing refused to meet strikers’ demand to restore a company pension plan that was frozen nearly a decade ago.

The contract’s ratification on the eve of Election Day clears the way for a major U.S. manufacturer and government contractor to restart Pacific Northwest assembly lines that the factory workers’ walkout have idled for 53 days.

According to the union, the 33,000 workers it represents can return to work as soon as Wednesday or as late as Nov. 12. Boeing’s CEO has said it might take “a couple of weeks” to resume production in part because some could need retraining.

Leaders of IAM District 751 endorsed the latest proposal, saying they thought they had gotten all they could though negotiations and the strike.

“It is time for our members to lock in these gains and confidently declare victory,” the union district said before Monday’s vote. “We believe asking members to stay on strike longer wouldn’t be right as we have achieved so much success.”

The average annual pay of Boeing machinists is currently $75,608 and eventually will rise to $119,309 under the new contract, according to the company.

A continuing strike would have plunged Boeing into further financial peril and uncertainty.

CEO Kelly Ortberg, an outsider who started at Boeing only in August, has announced plans to lay off about 10% of the workforce, about 17,000 people, due to the strike and a series of other factors that diminished the company’s reputation and fortunes this year.

Pensions were a key issue for workers who rejected the company’s previous offers in September and October. In its new offer, Boeing did not meet their demand to restore a pension plan that was frozen nearly a decade ago.

The workers got their last paychecks in mid-September, a few days after the strike started, and are likely facing more pressure on their personal financial well-being.

Bernadeth Jimenez, who has worked in quality assurance at the Boeing plant in Everett, Wash., since 2022, said she voted “yes” on Monday after voting against previous company offers. She was satisfied with the proposed wage increases, and said she never expected a pension anyway — she’s putting money in a 401(k) plan.

“This (offer) is good, and I really want to go back to work,” she said. “This time we’re ready.”

Theresa Pound isn’t ready. The 16-year company veteran said she voted “no” just as she did on the two earlier offers that went to a vote.

“Adding 3% (to the previous offer) doesn’t change anything for my future. It still doesn’t solidify that when I retire I’m going to have a comfortable living, and that’s the bottom line,” she said. “Instant gratification is not going to save me.”

Both Jimenez and Pound have husbands who also work at Boeing, and both couples anticipated the strike and worked overtime before it started. Still, money is getting tight.

“We’re making it by the best we can,” Pound said. “We’re going to run out soon, but it’s not going to be a stopping point for me to say, ‘Well, I’m out of money. I need to go back.’ I’m going to find other ways to make it work.”

There were fewer pro-strike protesters in Everett than during the Oct. 23 vote.

At a union hall in Renton, also near Seattle, signs warning against campaigning had been moved from inside to outside, and there was no table with workers handing out “Vote No” material, like the last time. A small knot of workers gathered around a burn barrel to talk and keep warm. The mood was subdued.

The strike began Sept. 13 with an overwhelming 94.6% rejection of Boeing’s offer to raise pay by 25% over four years — far less than the union’s original demand for 40% wage increases over three years.

Machinists voted down another offer — 35% raises over four years, and still no revival of pensions — on Oct. 23, the same day that Boeing reported a third-quarter loss of more than $6 billion. However, the offer received 36% support, up from 5% for the mid-September proposal, making Boeing leaders believe they were close to a deal.