JCV will receive an inflation matching pay rise for the next three years.
An agreement was reached after months of negotiations, including commitments from the company on pay and new jobs.
The deal was accepted in a ballot of thousands of union members across the company.
Stuart Harrison, GMB Lead for Manufacturing in the Midlands, said: "After three months of negotiations, this is welcome news for the thousands of JCB workers that make the company the international success story it is.
“Workers across the country are feeling the pinch of a cost-of-living crisis; GMB Reps have worked tirelessly to ensure our members at JCB now have the reassurance of pay that keeps up with their bills for the next three years.
“The investment in 500 new jobs for our area is transformative not just for our workforce, but for the next generation of JCB workers too”.
