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DENVER — Denver Public Schools and the teachers’ union agreed Thursday to extend the current pay agreement through Jan. 18.

“ProComp is our professional compensation system for teachers that, thanks to Denver voters, provides an additional $32 million for teacher compensation each year,” DPS said in a statement.

The Denver Classroom Teachers Union had warned a strike was possible if an agreement on teacher pay wasn’t reached.

“This is the final extension of ProComp 2.0,” DCTA President Henry Roman said. “Our students deserve schools with consistent staff who aren’t burdened under the heavy weight of an uncertain and arbitrary compensation system.

“Extending ProComp allows us to secure the $32 million of ProComp funding so we can take the time needed to create a better system.”

DCTA has committed to holding regular public bargaining sessions each month until a new compensation agreement is reached, the union said.

“The goal, as always, is to create the schools Denver students deserve,” Roman said. “But we cannot accomplish that task under conditions that force teachers to choose between the profession they love and their family’s personal well-being.

“Denver students deserve teachers who can build a career in DPS and their communities.”