Virgin Atlantic pilots have voted to accept the airline's pay offer, although only 63% supported the deal from an 87% turnout.
The agreement includes a profit share scheme, a programme to review pilot lifestyle and a commitment to improve pilot-management co-operation, said the British Airline Pilots' Association.
"Acceptance of the offer finally ends the prospect of strike action," the union added.
BALPA general secretary Jim McAuslan said: "Given some improvement on pay, against very tough trading conditions, and commitments to improve lifestyle, [pilots] have now decided to settle this pay round with the future in mind.
"Now we need to work together - management and association - to get Virgin back to the airline it once was."
McAuslan has written to Virgin Atlantic founder Richard Branson stating that the company appears to have lost the characteristics for which it had become renowned. He claims the airline's management does "too much listening and not enough hearing".