The Boston School Committee Wednesday night approved a new contract with the Boston Teachers Union.

The six-year agreement creates a new system to evaluate teachers that will provide remedial plans for teachers with unsatisfactory job reviews and speeds the termination of those who show no signs of improvement.

Teachers also are slated to receive a 12 percent cost-of-living increase over the six years of the contract, at a cost of more than $136 million.

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The contract now heads to the City Council, which needs to approve funding for it. The teachers union’s membership ratified the deal earlier this month.