The new offer will allow primary and intermediate school principals to achieve pay parity with secondary school principals of similar-sized schools.
It was the sixth offer made since negotiations began in April. During that time, principals have held three strike days along with primary and secondary school teachers, including a "mega-strike" on May 29 which was the biggest industrial action ever seen in New Zealand.
NZEI Te Riu Roa President Lynda Stuart said it had been a difficult campaign and she thanked school whānau and the wider public for their support.
"They understood the workload issues educators face, the difficulties around recruitment and retention, and the impact that has on students.
"They supported us all the way and it made a real difference to the outcome," she said in a statement.
Stuart said achieving pay parity with secondary principals was crucial to make it worthwhile for senior teachers to consider working as a principal.
The key components of the offer that primary and intermediate principals accepted are:
• Pay parity with secondary principals across the roll, staffing and decile components of remuneration, with this being entrenched through a unified pay system
• Principals of the smallest U1 grade schools (up to 50 students) rolled into the U2 grade on the pay scale
• Additional funding to ensure at least two adults in every school during the school day
• Beyond an initial increase to achieve parity, there is a 3 per cent per annum pay increase for three years on the roll and staffing components of remuneration
• A one-off $1500 (before tax) payment to NZEI Te Riu Roa members
• An annual $300,000 professional development fund for primary principals
• A three-year term for the agreement
Full terms of the settlement can be read here.
Principals will now discuss further terms with the Government, including teacher only days, wellbeing, workload and the complexity of the principal role.
"This settlement of course doesn't address all of the issues we face as principals, and work will now begin in earnest with the Ministry and PPTA Wehengarua to make progress on the accord that forms part of the terms of settlement," Stuart said.