Victorian teachers have voted to accept the state government’s latest pay and conditions offer, calling off a third statewide school strike at the eleventh hour and ending the year-long negotiations.

Teachers, principals and support staff will receive a minimum pay increase of 28.3 per cent over four years, after Australian Education Union members voted in favour of the offer on Monday.

Union members voted to cancel planned industrial action on Wednesday, which would have seen public school teachers stop work for 24 hours for a third time this year.

Victorian union boss Justin Mullaly said 79 per cent of members had endorsed the government’s offer.

“Congratulations, well done on your campaign,” he said in an address to members on social media.

Educators will receive a $2000 bonus when the agreement starts, and those at the top of their salary band will receive an annual payment of 1 to 2 per cent of their salary.

After-school meeting hours will be capped at 40 per year – down from 80 hours.

Existing face-to-face teaching hour maximums of 18.5 hours for secondary teachers and 21 hours for primary teachers would also be secured in the agreement, not in a deed, under the new offer.

Graduate teachers will start on $96,589 from November next year under the new agreement, up from the current $79,589.

The union had originally sought a 35 per cent pay increase over three years, which would have meant graduate teachers started on more than $107,400 by 2028 and experienced teachers would earn more than $159,300 by 2028.

The decision to accept the latest pay offer, the first from Education Minister Gabrielle Williams, ends tense negotiations between Labor and the powerful teachers’ union that began in July last year.

The deputy premier, who nominated herself for the education portfolio, will address the media later on Monday.

The Labor government will face ongoing pressure from the union to sign an agreement with the Commonwealth to fully fund public schools, as set out in the Gonski model.

Premier Ben Carroll has publicly stated that signing an agreement is a priority, but he has stopped short of committing to do so ahead of the November 28 election.

The public school educators’ pay negotiations have broader implications for the sector and about 40,000 Catholic school staff, who are negotiating their own enterprise agreement. Catholic teachers have had pay parity with Victorian public school teachers since the 1990s.

More to come