OTTAWA -- The union representing thousands of Canada Post workers says it will stay at the bargaining table, averting a potential strike by mid-week.

The Canadian Union of Postal Workers said Monday it would not issue a 72-hour notice of job action, giving the Crown agency's negotiators an opportunity to address the union's demands, which include higher wages and better working conditions.

Both sides have been bargaining for separate collective agreements over the past nine months.

Negotiators were facing a Wednesday deadline of 12:01 a.m. eastern time for a possible strike or lockout after conciliated talks failed to reach a deal earlier this month.

While the two sides continue talking, the union warns its members may still face a work stoppage if there is no progress in bargaining.

A spokeswoman for Canada Post said Monday that both sides were working hard to reach negotiated agreements.