Members at Unite and the Confederation of Paper Industries' corrugated sector voted 64% in favour of the 2008/09 industry-wide National Agreement.
Unite national officer Peter Ellis said while the industry in the main had come through a fairly good year in 2007/08, the next six months was not looking so promising.
"There has been a reduction in demand in consumer goods, and packaging is the industry that loses out straight away as they are at the start of the chain," he said.
"However, we have a high-density union membership in corrugated board who keep themselves up to speed with their industry's ups and downs.
"They are well aware that reduced demand for corrugated packaging is an inevitable consequence of a slow-down."
He said this, together with high raw material and energy costs, is reflected in the acceptance of the settlement.
Corrugated board industry agrees 3.9% pay increase
A 3.9% pay increase on all earnings from 1 September has been accepted by the corrugated board industry.