MICA paramedics say the deal will create a better career structure to reward their additional two years of training and greatly enhanced skills and responsibilities.

330 out of 350 MICA paramedics were set to resign from their MICA duties en masse at 7am this morning.

Ambulance Employees Australia state secretary Steve McGhie was pleased with the outcome.

Mr McGhie hoped the deal would help retain Victoria's most experienced paramedics in MICA and attract more recruits into Victoria's world-class intensive care ambulance service.

Under the deal a new classification will be created called 'MICA Single Responder Paramedic' for more senior MICA paramedics.

"For many years we have warned MICA is in crisis and our most experienced and highly trained paramedics have been walking away,'' Mr McGhie said.

"Almost all the remaining MICA Paramedics were ready to join them tomorrow and leave this crucial job.

"We are pleased the State Government has finally moved to address this crisis. It is unfortunate that it had to come to this.

"This deal is great news for all Victorians.

"It means Victoria's world-class MICA service can continue operating, saving the lives of the most critically-ill Victorians.''

The deal means money that had previously been allocated as an allowance will now be included in the base rate of pay of MICA paramedics.

Parties agreed to have the in principle collective agreement between paramedics and Ambulance Victoria altered, providing it is voted up by a majority of all Victorian paramedics when it goes to a vote over the coming weeks.