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The Machinists Union representing 32,000 Boeing workers released the newly proposed 8-year contract that members must approve. The deal would help secure production of the 777X in the Puget Sound region.

The contract offers Boeing workers a $10,000 signing bonus, but they are being asked to make concessions when it comes to wages, pension benefits and health care.

Under the proposal, wages would increase 1% every two years for the term of the contract. That increase is on top of a separate cost of living increase. Health care premiums would significantly increase 33% for a family of three or more.

The pension benefits that Boeing workers have enjoyed for decades would freeze in 2016. Boeing would contribute a fixed percentage of gross salary into a retirement saving account in the new pension plan.

Boeing's contributions would be 10 percent for the first and second years, 8 percent the second year, 6 percent the third and 4 percent every other year.

Read:777x contract proposal summary

International Association of Machinists (IAM) District 751 President Tom Wroblewski, says the contract represents the best chance of securing production of Boeing's 777X wide-bodied aircraft. The production could be worth tens of billions of dollars to the state and initial estimates of 10,000 new jobs.

Wroblewski says production would take place in the new 1.5-million-square-foot building at Everett's Paine Field, where the 777 is built now.

Machinists will vote on this deal Wednesday, Nov. 13th. This approval is the first step in securing the production of the 777X.

Read: more details of the 777X Legislative package.

State legislators will also need to approve a package of bills that include tax incentives and road improvements to help satisfy Boeing. Governor Jay Inslee has called a special session starting Thursday.

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