Already reliant on government handouts to survive, SAA had to suspend hundreds of flights after the South African Cabin Crew Association (SACCA) and the National Union of Metalworkers South Africa (NUMSA) walked out on Nov. 15.
SAA said the unions had agreed to a 5.9% wage hike retroactive to April to be paid from next February subject to funds being available.
Consultations on planned job cuts have been deferred until Jan 31, it said.
The unions said they would release a statement shortly.
Separately, SAA on Friday signed a similar wages deal with the National Transport Movement, a union which did not participate in the strike.
The government has spent about 20 billion rand ($1.4 billion) on support for SAA in the past three years.
($1 = 14.6033 rand) (Reporting by Alexander Winning and Emma Rumney; Editing by Olivia Kumwenda-Mtambo and Edmund Blair)