Mayor Bill de Blasio’s administration and the New York City teachers union announced a tentative contract Thursday that includes pay bumps and incentives to teach in hard-to-staff jobs in schools with high turnover.

The contract with the United Federation of Teachers would give members compounded wage increases of 2% in February 2019, 2.5% in May 2020 and 3% in May 2021. It would expire in September 2022.

City...