The Welsh Government is offering workers a one off 3% payment, backdated to last year, and a 5% offer from the start of this month.
Members of both unions will now vote on whether to accept the offer.
It has been criticised though, with the RCN union saying it "doesn’t come close enough to the pay award our members have been campaigning for".
However, Unison has said "it is a significant step forward and the best that could be achieved through negotiation". The union is now "recommending voters" to accept the offer.
Eluned Morgan, Health Minister, said the offer is a "significant enhancement beyond the Pay Review Body recommendations and beyond the accepted 2022-23 enhanced offer".
She added that "if the offer is accepted this means that, Welsh NHS staff will have received an average an award of over 15.7% (of which 11.2% is consolidated into pay permanently) over 2 years 2022-23 and 2023-24".
Helen Whyley, RCN Wales Director, said: “The Welsh government returned to negotiations because of the momentous pressure placed upon them by nursing staff in NHS Wales.
"Our members took the difficult decision to go on strike and their resolve and determination has led to the Welsh government showing that it was able to find the funds to improve its offer.
“The offer doesn’t come close enough to the pay award our members have been campaigning for.
“It is important that members now make their own informed choice based on their personal circumstances."
Jess Turner, from UNISON Cymru/Wales, said: "This offer is a significant step forward and the best that could be achieved through negotiation.
“The offer also contains additional terms & conditions commitments such as a reduction in the qualifying period for unsocial hours and enhancements on sick pay, down from the already negotiated three weeks to one week.”
“That’s why UNISON is now recommending voters to accept the offer.
"This will avoid loss of pay through strikes for workers, further delays in the NHS and will mean extra money in their pay checks. If health workers reject, there is a risk that the offer could be withdrawn.
“It’s now up to NHS workers to decide and see what the offer means for them financially.”