Asianfin -- Unionized machinists at Boeing voted on Monday to accept a contract proposal, effectively ending their strike that lasted more than seven weeks. This decision allows the aerospace company to resume production of its bestselling airliner and generate essential revenue.

Leaders from the International Association of Machinists and Aerospace Workers district in Seattle reported that 59% of the members who participated in the ballot approved the company's fourth formal offer, which was the third to be put to a vote. The new contract includes pay raises totaling 38% over four years, along with ratification and productivity bonuses. However, Boeing did not agree to restore the pension plan that had been frozen nearly a decade ago, a key demand from the strikers.

The ratification of the contract comes just before Election Day and enables Boeing, a significant U.S. manufacturer and government contractor, to restart its assembly lines in the Pacific Northwest, which had been idle due to the 53-day walkout.

Boeing CEO Kelly Ortberg expressed satisfaction with the agreement in a message to employees on Monday night.