Qantas engineers have struck a four-year deal that includes an 18 month pay freeze.

The deal is reportedly welcomed by Qantas executives, as they push to freeze pay across the company in an effort to strip $2 billion in costs from the business within three years.

Over 87 per cent of 942 Australian Licensed Aircraft Engineers Association voters supported the enterprise bargaining agreement featuring an 18-month wage freeze, followed by annual increases of 3 per cent.

The deal covers about 1500 Qantas engineers. A side deal has been reached too, which will see about 50 engineers forced to take redundancy this year allowed the chance to return to the company.

Steve Purvinas, the federal secretary of the engineers' union, said he hoped the settlement will signal the dawn of a new era “where our contribution is valued”.

“Our members are pleased that over the life of their agreement none of them will be retrenched so long as others have outstanding leave,” he said.

“It means leave will be taken before anyone is sacked.”

The agreement is “fair and reasonable, giving more certainty to both the business and our employees over the next four years”.

Qantas’ short-haul pilots are about to vote on a new agreement too, which would result in them giving up 18 months of back pay, but reports say it is unlikely the in-principle agreement will gain approval.

While the situation is settled for the engineers, talks with the Transport Workers Union, do not look like reaching resolution soon.