The union, United Educators of San Francisco, announced the deal on social media at about 6 a.m. following a marathon negotiating session.
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MORE: San Francisco Unified School District, service workers reach tentative agreement to avert strike
The tentative agreement includes pay hikes for full-time teachers and substitutes, among other things.
"This is a historic win for San Francisco educators and students. With incredible support from parents and the community, we were able to reach an agreement that will help stabilize our schools," UESF president Cassondra Curiel said in a joint news release with the district Friday.
The new two-year contract would include a $9,000 raise for teachers in the first year and a 5 percent raise in the second year.
It would also increase salaries for paraeducators -- such as nurses, social workers and special education teachers -- who would receive a minimum starting salary of $30 an hour or an 8 percent raise, whichever is higher, for the first year and an additional 5 percent salary increase in the second year of the contract.
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It also includes a 15 percent raise for substitutes over two years, language that gives substitutes in the highest-need schools $80 more than the day-to-day sub rate and the end of a two-tiered pay rate for subs.
"Additional wins include gains for fully staffed schools, improved working conditions, student support, protections from poor management decisions, community schools and special education," according to the union's announcement.
UESF members and the San Francisco Board of Education must still vote on the agreement before it becomes official.
"We are thrilled to reach an agreement with our labor partners that provides our dedicated educators with well-deserved raises," Superintendent Matt Wayne said. "We recognize and appreciate the tireless effort, commitment, and inspiration they bring to the classroom every day."
The tentative agreement with the teachers marked the second time this week the district averted a possible strike.
On Tuesday, a union representing custodians, secretaries and other San Francisco public school support staff also reached a tentative contract agreement with the district.
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Service Employees International Union Local 1021 said the agreement features a 16 percent pay hike, including a 6 percent retroactive raise to July 2022 and a 10 percent retroactive raise to July 2023.
It also includes language for health and safety improvements, worker input into the district's plans to build affordable housing for employees and a one-time $1,500 bonus, according to the union.
That agreement must also be approved by union members and the Board of Education in order to be finalized.