NSW and Sydney rail workers have been offered a new pay deal.

The Rail Tram and Bus Union (RBTU) says the total value of the offer is 4.06 per cent pay rise, including a $1,000 payment, travel passes and additional benefits.

“After the previous offer was overwhelming rejected by your union delegates, management today presented the group with an amended version of their offer,” the RTBU said in a statement.

“Management at the meeting indicated that they would be presenting the new offer directly to the workforce via depot meetings, with those meetings expected to start as early as next week.”

The union says it is “very close” to the level first demanded by workers.

“We have gone out and hired an independent economist to check the numbers,” RTBU NSW secretary Alex Claassens said.

“We will obviously determine over the next couple of days whether we're going to be going out there and saying; ‘This is the best offer we can get’ or whether this is a bad offer.”

The new offer comes two weeks after union members rejected a 2.75 per cent pay increase and planned strikes, which were blocked by the Fair Work Commission.

The union began negotiations seeking a 6 per cent annual pay increase.