Secondary school principals have accepted a 14.5 percent pay rise, heading off the possibility of industrial action.
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The Post Primary Teachers' Association and the Secondary Principals' Association union said the settlement also included a sixth week of annual leave and a payment of $500 for their members.
The Education Ministry made the offer last week after the unions walked away from pay talks and announced they would ballot members on possible industrial action.
The unions said the settlement covered a three-year term.
The Secondary Principals' Association union vice president Vaughan Couillault said the unions were delighted to have reached a settlement.
The secondary principals' pay scale currently runs from about $85,000 a year for schools with 50 students or fewer through to about $160,000 a year for the biggest schools.
They also receive other payments and 60 percent of secondary principals earn more than $150,000.
More to come...