The Taoiseach has welcomed the new social partnership agreement provisionally entitled Toward 2016.
The agreement has been hammered out by the social partners after almost five months of intensive negotiations.
Speaking after the final plenary session at Government buildings today, Bertie Ahern said it provided an important framework for meeting the economic and social challenges ahead.
The deal provides a 10-year framework to plan social and infrastructural developments.
Key elements of the social agenda include linking the lowest social welfare payment to 30% of average industrial earnings. Other elements include 27,000 additional social housing units within three years, 500 primary healthcare teams to alleviate pressure on A&E units and a family carer strategy.
Employers and unions have already agreed a national pay agreement delivering wage increases of 10% over 27 months.
They have also finalised a series of new measures to deter rouge employers from abusing or exploiting workers. These include increased penalties for non-compliance with employment laws including prison terms and fines of up to €250,000.
Arriving for the talks, ICTU General Secretary David Begg said he believed the measures could halt the so-called 'race to the bottom' in employment standards.
Mean while IBEC Director General Turlough O'Sullivan welcomed measures to assist the manufacturing sector including increased support for training and upskilling.
The Director of CORI, Fr Seán Healy said that for the first time, economic and social development would be afforded equal priority.
