Unison and the Royal College of Nursing (RCN) were staging industrial action in protest against pay and staffing.
RCN members – including those at Altnagelvin Hospital – were due to strike again on Monday, Wednesday and Friday of next week.
The health minister, Robin Swann, said the news would “be welcomed by many, not least by patients and of course staff who took industrial action with a very heavy heart”.
On Tuesday, unions had a “positive” meeting the health minister, who offered £30m to restore pay parity. Further talks with the Department continued into Wednesday night.
The Unite union is expected to follow suit later on Thursday, while NIPSA has said it is not happy with the deal.
Anne Speed, Unison’s head of bargaining, said the union will ballot its members with a recommendation to accept the agreement.
Pat Cullen, Director of the RCN in Northern Ireland, said the strikes have “been a long and difficult road for nurses in Northern Ireland”.
“Following the unprecedented decision to take strike action, our members finally have something concrete to consider in relation to both the restoration of pay parity and safe staffing,” she said.
Talks between senior union officials and the Department of Health lasted most of Wednesday.
Mr Swann welcomed said it had been “a very difficult time”.
“I want to again pay a heartfelt tribute to our nurses and other health workers and the great work they do,” he said.
“Only yesterday, we saw figures showing that the number of compliments in our health service far outnumbers the number of complaints.
“This illustrates the great health care that is provided day and daily across Northern Ireland, despite all the serious problems facing the system.
“I recognise, of course, that there is still a lot of work to be done.”
Previously, Mr Swann gave a commitment to meet the unions demands for pay parity after £30m of additional funding was identified from future funds.
An agreement around how the department would implement the necessary processes to increase the number of staff working across the health and social care service is yet to be agreed.As a result of the suspension, the five health trusts will not have to proceed with cancelling appointments and procedures next week.
Another positive move is that workers will not lose further pay.
But the Northern Ireland Public Service Alliance (NIPSA) said it is not happy with how the negotiations were handled and it is not calling off industrial action.
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