The MTA board has approved a contract to raise wages for more than 30,000 subway and bus workers.

The deal is between the board and Transport Workers Union Local 100 (TWU).

The two sides reached an agreement in January, and nearly 70 percent of union members voted in favor of the contract last week.

MTA officials said the pact falls within their budget guidelines.

"It is affordable and it fits within our financial plan, but there were certain savings that we achieved as a joint effort with the TWU on healthcare rebidding; and those savings, which, again, were done jointly, were able to be applied to reduce the net cost of the contract to us," said Robert Foran, the MTA's CFO.

Officials said parts of the deal are still being ironed out before it is officially signed.