BOSTON (AP) - After rejecting an earlier offer, The Boston Globe’s largest union voted overwhelmingly Monday to approve a new contract that would give the financially struggling newspaper $10 million in concessions.

The Globe, on its Web site, reported that the Boston Newspaper Guild voted 366-179 to accept the deal that was hammered out after the union narrowly voted down a similar package last month.

The Guild represents about 700 editorial, advertising and business employees at the Globe. The newspaper’s parent, The New York Times Co., imposed a 23 percent wage cut after the union rejected a contract that called for an 8.3 percent wage cut, unpaid furloughs, benefit cuts and the elimination of lifetime job guarantees for nearly 200 staffers.

The new contract cuts salaries by nearly 6 percent. It also includes unpaid furloughs, a pension freeze, a reduction in health care benefits and the elimination of lifetime job guarantees.

The Globe is projected to lose $85 million this year.