As part of the new deal, principals will receive a 14.5 per cent pay rise over the three years of their collective agreement and six weeks of annual leave.
Members of the Post Primary Teachers' Association (PPTA) and the Secondary Principals' Association of New Zealand (SPANZ) will also be entitled to receive a one-off gross payment of $500.
The agreement comes only a fortnight after secondary principals threatened to take industrial action - with negotiations with the Ministry of Education having stalled at the time.
Today, Ministry of Education’s Iona Holsted announced she was pleased that the parties could come to a settlement.
PPTA's Secondary Principals Council chair James Morris said they could now focus on the needs of their students.
“I’m pleased that principals now have an agreed collective agreement. We can now focus on what matters; supporting each of our students to reach their full potential,” he said in a statement.
SPANZ Union vice president Vaughan Couillault said they were delighted to have reached a settlement after months of negotiations.
“We are delighted to have reached a settlement that has been strongly supported by secondary principals across the country.”
“We are also pleased that SPANZ will now be consulted on the work of the accord that relates to secondary principals. The accord between PPTA, NZEI Te Riu Roa and the Government was formed during recent teacher negotiations.”
The agreement comes after primary and intermediate principals achieved pay parity with their secondary school counterparts last week.
To read the full list of the Terms of Settlement for the Secondary Principals’ Collective Agreement click here.