"This agreement will now provide long-term certainty for both jockeys and owners in relation to the riding fee through to 31 July 2015.
"The decision follows extensive consultation and is supported by both the executive of the NZ Trainers Association and NZ Thoroughbred Racehorse Owners Federation."
Jockeys Association representative Hayden Tinsley confirmed that the jockeys in accepting the increase have acknowledged the additional financial contribution by owners towards jockey welfare costs.
"ACC payments are a considerable cost for all jockeys. However, that cost reflects the risks involved."
James McDonald lived up to his mantle as the punter's hero just when they needed him - in yesterday's mammoth Pick6 at Matamata.
McDonald rode three of the winners in the jackpot which reached a staggering $794,197 after being guaranteed to $500,000. Cambridge trainer Don Sellwood saddled up two of McDonald's winners, Pretty Cury and King's Fortune.
The Wednesday Pick6 had not been struck the previous three meetings but was far easier yesterday, with the roughest winner being $8 chance Bonnie Mac in the third leg and three favourites saluting.
McDonald won the first two legs on Pretty Cury ($2.50) and St Mark ($4.10) before wrapping the day on $4.70 chance King's Fortune.
That left 89.10 winning units, with a dividend of $8913.50, which is a dividend roughly twice what an all-up bet on the winning horses for the 50 cent unit would have netted, had it not affected the relevant pools.