Drivers will see a 11.25% pay rise over three years
All Dublin Bus strikes have been suspended as union members are to be balloted again on industrial action.
The strikes will be suspended until unions have had a chance to put a proposed deal to their members.
It comes after more than 30 hours of talks at the Workplace Relations Commission (WRC) between unions and management.
The parties held overnight talks in Dublin.
Bus drivers will get a 11.25% pay rise over three years, backdated to January this year.
This will see an increase of 3.75% this year, next year and the year after.
Dublin Bus has welcomed the proposals put forward, saying: "We thank all parties involved for their constructive and positive engagement, especially the officials of the Workplace Relations Commission for the significant assistance given to all parties throughout this process.
"We also welcome the suspension by the trade union group of the future planned industrial action."
Transport Minister Shane Ross has also welcomed the development, saying: "I think I am as relieved as every member of the travelling public to hear there has been a breakthrough in the talks between trade unions and management.
"I would like to thank the WRC, the trade unions and management for their commitment to these talks.
"The hard work, the steely patience and the long hours that they have all put in over the past few days - particularly in the last 24 hours - is encouraging.
"The trade unions will now ballot their members and this important process will begin shortly."
While NBRU General Secretary Dermot O'Leary said: "We are prepared, along with trade union colleagues to believe that the proposals brokered by the WRC after over 30 hours of negotiations are at the optimum that can be achieved at this time.
"We will now move to immediately consult with our members in order to explain the construct of the proposal which has emanated from these comprehensive set of negotiations.
"It should be understood and appreciated that our members would expect that the WRC proposals will, in the first instance be disseminated directly to them through their respective Trade Unions in advance of any detailed press briefings".
Workers were calling for a 15% pay rise, while management had offered to abide by the Labour Court recommendation of 8.25%.
SIPTU's Owen Reidy though was critical of the Government's involvement.
Meanwhile the Oireachtas Transport Committee has agreed to two days of hearings on public transport and the state subvention.
A case is to be put for a massive increase in the subvention and opposition to privatisation to all participants.