An earlier strike was called off to allow more time for negotiations with bus operators.
The Unite union today announced members have accepted an offer of £577 for working during the Games period.
Staff working on the DLR, Tube, Cycle Hire and London Overground have already agreed separate Olympic payments
Mayor Boris Johnson previously called on both sides settle the dispute and secured £8.3m from the Olympic Delivery Authority to fund the bonuses. TfL subsequently offered to share additional bus fare revenue generated during the Games with operators provided they then pass it on to their employees.
Peter Kavanagh, Unite’s regional secretary for London, said: “After almost a year-long campaign, bus workers finally have a fair deal which recognises their contribution to keeping London moving over the Olympics.”
TfL welcomed news that union members had accepted the pay offer.
Managing Director of Surface Transport, Leon Daniels, said: “We welcome the news that Unite’s leadership has accepted this pay deal. The pay of bus workers is, and will remain, a matter between them and the private bus operating companies that employ them.
“However in this case, as the capital prepares to celebrate the biggest festival of sport and culture it has ever seen, TfL and the Mayor sought to bring Unite and the bus companies together and we are pleased that they have now resolved this dispute.”
