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.