The Agriculture Minister Michael Creed says a deal has been reached following overnight talks between meat industry representatives and farm organisations.
The talks resumed on Saturday and went on into Sunday at the Department of Agriculture in Dublin.
It was part of an ongoing row with meat factories over beef prices.
It also comes amid fears more jobs could be lost around the country due to continuing protests at processing plants.
The agreement was made between the meat industry and farm organisations.
These were the IFA, ICMSA, ICSA, Macra na Feirme, INHFA, the Beef Plan Movement and independent farmers.
It is two a strand agreement for reform of the Irish beef sector.
The agreement involves a number of actions which will provide "immediate benefit" for beef producers, as well as a range of strategic measures which seek to address "structural imbalances" in the sector.
Confirming details of the agreement, Minister Creed said: "Beef producers will benefit from an immediate increase in a range of bonuses: including an increase of 66% in the current in-spec bonus for steers and heifers from 12c/kg to 20c/kg, the introduction of a new bonus of 8c/kg for steers and heifers aged between 30 to 36 months, which meet all non-age related existing in-spec criteria, and which up to now have not received any bonus, as well as the introduction of a number of new bonuses and reforms."
Beef Market Task Force
A Beef Market Task Force will also be established to develop a sustainable pathway for the future of the beef sector in terms of economic, environmental and social sustainability.
The taskforce will be independently chaired by an appointee of Minister Creed.
It will include the Department of Agriculture, relevant State agencies, along with nominees from farm organisations and the meat industry.
The group will provide implementation structure for commitments entered into in this agreement, with timelines and stakeholder engagement.
It will also offer a suitable platform for "strategic engagement" with key stakeholders including retailers and regulatory authorities.
There will be an immediate scientific review of the Quality Payment Grid by Teagasc, and an independent review of market and customer requirements - specifically in relation to the four in-spec bonus criteria currently in operation in the Irish beef sector.
Minister Creed added: "I wish to thank all participants in this process for their contribution towards agreeing a way forward for the Irish beef sector.
"I hope that this Agreement will prove to be a first step in fostering stronger partnerships in this critical sector for the Irish economy and for rural Ireland."
Macra na Feirme President Thomas Duffy has welcomed the programme.
He said: "Almost €24m of new money into the pockets of struggling beef farmers is worth supporting.
"It has been a long and difficult series of talks over the past month.
"We particularly welcome the increases in bonus payments which will bring over 150,000 animals into bonus payment territory."