Greater Wellington Regional Council chair Daran Ponter said the new deal was a positive step forward.
"It is a credit to both the Tramways Union and NZ Bus that they've remained at the table to continue negotiations on their collective agreement."
Ponter told the Herald the new deal was developed with help from Wellington Regional Council.
"That relates to working with the operators and the unions to remove as many split shifts as possible.
"[That's what] The bane of drivers' lives is, this split shift arrangement where a driver may drive for four hours than have to sit around for three hours not getting paid and then go back on for five hours."
He said no other workers in New Zealand would tolerate that type of situation and it is one of a number of issues addressed in the latest agreement.
Before the previous collective agreement was rejected Tramways Union secretary Kevin O'Sullivan said it was a good offer that he believed would be accepted.
At the time NZ Bus chief operating officer Jay Zmijewski said the company was surprised by the decision.
The revised offer was developed with help from Greater Wellington Regional Council and recommended to drivers by the Tramways Union, he said.
"The decision is a surprise because the offer meant our drivers would be the best paid with best conditions in the industry.
"We know commuters and ratepayers will be running out of patience while we try to negotiate a fair and equitable outcome for all parties."
The stop work meeting will begin at 10.30am.
NZ Bus has been approached for comment.