Union members at Walt Disney Co.’s Disney World theme park have approved a three-year labor contract.

The announcement this week comes after the Service Trades Council, which represents 21,000 full-time Disney employees, had rejected a proposed agreement last month. The unions were currently working under an extension of the previous agreement that was set to expire on June 20.

The new contract includes an average 4 percent pay increase for about a third of the park’s workers.

Shares in Burbank-based Disney were off 71 cents, or 2 percent, $34.20 in afternoon trading Thursday on the New York Stock Exchange.