The decision is to give political leaders an opportunity to make an improved pay offer, unions have said.
Workers have walked out six times since December in a dispute over pay.
However, if there is no pay offer, unions said bus and train workers will go ahead with a 72-hour strike beginning on 27 February.
The announcement comes shortly after devolution in the North of Ireland was restored with the UK government granting £3.3bn for the incoming executive.
Of this, almost £600m is earmarked to help settle public sector pay claims.
Speaking after a meeting with new Finance Minister Caoimhe Archibald, the Irish Congress of Trade Unions (ICTU), the trade union umbrella group, said it is confident the money is there to settle pay claims.
Gerry Murphy, ICTU assistant general secretary, said: “The financial package makes available money for public sector pay this year and also provides further funding allocations to deal with both outstanding pay issues and reform measures such as re-grading.”
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