Minister for Enterprise Richard Bruton said a reversal of the cut in the minimum wage will be part of the jobs initiative, which will be announced by the Government next month.
Minister Bruton said the International Monetary Fund-European Union loan deal would be revised to include the change.
He said it would require legislation and would be offset by savings in joint labour agreements.
Mr Bruton said he hopes the legislation will be in place by the summer.
Officials from the IMF, the EU and the European Central Bank are currently in talks with ministers on revising the bailout deal.
The previous Government controversially reduced the minimum wage in its final Budget in December to €7.65 an hour.
Taoiseach Enda Kenny earlier confirmed that the jobs initiative will not be a conventional budget, but a series of initiatives aimed at stimulating the economy and getting people back to work.
Mr Kenny was responding in the Dáil to Fianna Fáil leader Micheál Martin and Sinn Féin leader Gerry Adams, who both accused the Taoiseach of another U-turn.
Mr Adams told the Taoiseach that the members of the House had to learn of this in the media.
Tánaiste Eamon Gilmore said that he did not think it mattered what the plan is called once it showed jobs remained at the very top of the Government's economic recovery plan.
Speaking to RTÉ at a convention on corporate reputations in Dublin, Mr Gilmore said the 'components of the plan' are being worked on and it would 'underline the importance the Government places on getting people back to work.'
He said in regard to discussions with EU/IMF officials this week, the Government would now finalise plans for the jobs package to 'bring about economic recovery.'
He said in relation to Ireland's corporate reputation, 'quite an amount of work needs to be done to restore Ireland's reputation.'
The Tánaiste is to meet with 26 Irish ambassadors to European countries this Friday, as part of a process to 'rebuild' our reputation.
Earlier, the Taoiseach told the Dáil that there would be a revised EU/IMF memorandum of understanding when the troika have completed their work with the Department of Finance this weekend.
Parts of public service 'not fit for purpose'
Elsewhere, Minister for Public Expenditure and Reform Brendan Howlin has described many parts of the public service as not fit for purpose.
Mr Howlin told a conference in Dublin tonight that Ireland needs a leaner, more efficient, better integrated and responsive public service, which could meet the needs of citizens and industry over the coming years.
The Minister did acknowledge that the public service was 'full of committed and hard-working individuals', but he also said Ireland needs to bring about a major cultural change in it.
That change would have to be driven and actions were needed to support public servants taking ownership of the change process.
The Minister was addressing the International Research Society for Public Management.
