Unions said negotiations had led to a revised pay offer from employers and bus drivers will now be balloted on the new offer.
But both unions have said they would not recommend the offer to members.
Had the strike gone ahead, all Ulsterbus and Metro services would have been withdrawn for one week from Monday, April 25.
A Translink spokeswoman said the deferral was a “positive step”.
Unite’s deputy regional secretary said it had put the offer to its members for consideration but would not recommend it.
Davy Thompson said that “members have a decision to make based on their circumstances and not every member is in the same circumstance”.
“For some people, the deal that was there previously, they accepted it. They believed it suited their needs. But for the majority of others, they feel it didn’t.”
Peter Macklin from GMB also confirmed that they would would not be making a recommendation of the offer.
“We don’t believe it goes far enough but we are prepared to put it out to our memberships to let them decide, we are a member-led organisation so I think it’s fair to let them have their say,” he said.
“They have worked through the pandemic, they feel like they have been undervalued, unrecognised.
“They see millions being spent on new buses, the new hub and yet nothing being spent or very little being spent on those that are required to service them.”
A Translink spokeswoman said: “We have an agreement to defer the planned strike action commencing Monday, 25th April while the bus drivers are balloted on a revised pay offer following further negotiations.
“We welcome this positive step and thank the Unions for their commitment to working together in an effort to build back public transport as a sustainable and better future for all.”
Unions had been calling for a 6% pay rise for bus workers across the region and had claimed that Translink bosses refused to budge from their offer of 3%.
Last week, Translink said the company had made a pay offer of 3% “plus an enhanced package of conditions that included a 7% increase in weekend and overtime rates along with two extra days holiday”.
The unions have said about 85% of their members who voted supported taking the action.Tags: