Cathay Pacific flight attendants have called off a labour slowdown planned for the busy Lunar New Year holiday next week, but warned they might take action if a new pay deal is not reached.

Earlier this month, the union representing thousands of Cathay cabin crew said they had voted in favour of a work-to-rule campaign as the Hong Kong firm's management refused more discussion of its 4.5 percent wage hike offer.

Cathay, which has about 7,500 cabin crew, said it "welcomed" the decision to call off the action.

"The travelling public will be relieved that the threat of possible disruption to flight schedules over the Chinese New Year has now been removed", Cathay said in a statement Sunday.

"We welcome the union's decision and will continue to discuss issues of mutual benefit to the crew community and the company at our regular meetings with the (union)".

But the union's chairwoman said it would still press the issue with Cathay.

"We are not backing down," Dora Lai was quoted as saying by the South China Morning Post on Monday.

"It is only a responsible decision that we are not taking any industrial action during the holiday. Postponing the action does not mean we are giving up."

A union spokesperson was not immediately available to comment.

About 1,800 Cathay pilots are voting over the next few weeks on a pay deal that will reportedly boost their salaries by as much as 12 percent.