Bronx and other city teachers have reached a tentative agreement with the mayor to increase educators? pay.

Mayor Michael Bloomberg (R-NYC) made the announcement Monday. Bloomberg said record-high graduation rates merit a raise for all education system workers. The new contract includes a 7.1 percent increase. Teachers will get a $750 payment in January, a 2 percent raise next October and a 5 percent raise in May 2008. Top teacher salaries will increase to more than $100,000 under the agreement. The union still has to ratify the deal.United Federation of Teachers President Randi Weingarten says the agreement will allow all New York City public schools to become institutions where parents want to send their children.