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Try to understand what exactly is issue, is it really sallary issue or they became a greedy or taking advantage of the situation??. talk to the project members, be fair with them, if it is really about the sallary and you feel they should've get more, negotiate with the employer to get them a raise, or you can implement incentives and rewards in the project as compensation. otherwise you have to escalate the issue to the top management, at the end you are not the one who pays the sallary
Labor strike may turn into a serious issue if not handled intelligently. For the salary, at one project only is not sp difficult to handle, I believe. To handle labor and strike have no standard or definite roles or actions it all depends on the region, environment, labor class, company reputation in labor and in the market and the issue the strike is for. I tell the forum something based on my experience and I believe that can be followed as a guide line. Before talk to the labor, the negotiator must understand that
Could be different solutions depending on situation and scenarios and how powerful union is, however one way out could be "give and take".
Only speak with people and make them comedown
Refer your Risk Management Plan to know how the risk mitigation strategy to deal with the situation (strike) has been formulated and implement the same immediately.
In case the risk mitigation plan to deal with strikes is ineffective, Review & Replan your Risk Management Plan to effectively deal with such risks so that the impact on the project is minimum.
Show some sympathy as a first step.
Go farther by making some connections with the top management in the presence of some representatives.
Some promises to solve the issue can help.
More promisses in terms of promotions will provide a break through
I am comparing the salaries of employees have salaries of employees in other companies, even if they are equal and the company's budget allows to provide salaries, it is the interest of the company and business continuity to maintain trained manpower there is nothing wrong to negotiate with them after knowing the financial ceiling limit for salary increases and access them to satisfactory solutions with urging them to increaseallowance in the effort and do not forget the moral motivation is essential with the physical motivation.
Being transparent about the causes of delay in payments, negotiate about the solutions, giving an approximate fair date about possible payment day with respect and strict fallowing to keep the promises and explaining the overall and team influences of strike for the workers and company in the way they understand this is a ship and if it will sank somehow they will be in it too!
Positive negotiation and reach to win-win solution
As a project manager, you have limited power to actually do anything, employees get their payroll through the company system, and is approved by the senior management, you can liaise between the two parts for the salary negotiation, and escalate to steering committee and project sponsor the issue you are having to reflect on your timeline, and be aware of the consequences in future.