Bus drivers accept Games cash offer
The Unite union said workers will get £577 in recognition of the "massive increase" in workload over the Games.
In workplace ballots held on Tuesday 71% voted to accept the offer.
The bus workers will get a payment of £27.50 each time they complete a duty over the 29 days of the 2012 Olympic and Paralympic Games. The average number of duties workers will complete will be 21, meaning most workers will get a £577 award.
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.
"Major disruption to London's transport network and international embarrassment in the run-up to the Olympics could have been avoided if TfL (Transport for London) and the employers did the right thing when Unite first approached them almost a year ago. Instead, bus workers had to fight tooth and nail to get recognition.
"Strike action is always a last resort but for those who say it achieves nothing, we say just look at London's bus workers. They would have been offered nothing by their employers and TfL would have done nothing unless bus workers took action to force them round the negotiating table."