The agreement announced Friday raises starting hourly pay to $9.50 next year and $10 in 2016.
Union members will vote whether to approve the proposed contract on Aug. 1.
The contract covers 21,000 full-time workers at the Florida-based theme park resort, which has around 45,000 full-time and 25,000 part-time employees.
Union officials said the contract freezes employee health care costs in 2015.
Disney World and union officials have been negotiating since March, when the previous contract expired.
Our new comment system is not supported in IE 7. Please upgrade your browser here.