The New York Philharmonic has agreed to a four-year labor contract following the cancelation of its 2020-21 season.

The orchestra and its musicians announced that the new contract will retain wage cuts through Sept. 20, 2024, and will call for players to earn 75 percent of minimum scale through Aug. 31, 2023, which comes to $2,214 weekly.

Compensation will then increase to 80 percent of scale through the first six months of the following fiscal year and 90 percent for the following six months.

The new deal will include increasing percentages of overscale payments and bonuses if the philharmonic exceeds financial projections. There were also be a provision allowing up to 10 Sunday performances per season and the orchestra will obtain full media rights to its performances.

The New York Philharmonic has not performed live since March 12 and lost more than $10 million in the fiscal year ending Aug. 31. It is projected to lose $21 million in ticket revenue during its canceled 2020-21 season. The orchestra is currently performing a digital series of chamber concerts.