A tentative agreement has been reached between Toronto school bus drivers and Stock Transportation averting a strike that could have affected 7,000 students.

CAW Local 4268 and the private bus company struck the deal only two days before the strike deadline, which was Monday at noon.

"We're pleased to have reached a tentative agreement after a challenging set of negotiations," said the local union president Debbie Montgomery. "School bus service will continue as usual on Monday. 

She also told ctvtoronto.ca that she believes the industry is poorly compensated for the responsibility its members have.

"We wanted a fair settlement and they will vote on that tomorrow," she added.

The agreement is subject to ratification during a membership meeting on Tuesday at 6 p.m. where drivers will review the contents of the new agreement and cast a vote.

Details on Saturday's agreement will be released after the vote is ratified. The company serves public, Catholic and French school boards.

During the negotiations the union, which represents about 600 workers, said compensation was a sticking point.