6000 ESB workers are set to receive a 5.5 % pay rise over two and a half years, as well as once-off lump sums worth around €2750, under new pay proposals.
The proposals, revealed in the journal 'Industrial Relations News', would see staff receive an increase of 2.75% from 1 April 2016, with a further 2.75% on 1 August 2017.
It is understood trade unions see the €2,750 lump sum as effectively retrospective compensation for a period when pay was frozen between 1 April 2014 and the end of March 2015.
Such arrangements are not common in the general workforce.
At that point, a 2% pay rise was awarded.
This latest deal expires at the end of September 2018, when a new three year pay agreement will be negotiated.
The percentage increases would be seen as being in line with norms in the economy at present.
The deal emerged from a mediation process after a previous pay offer was comprehensively rejected.
Under a separate cost reduction programme including significant job cuts, savings of €140 million were secured.
The ESB said negotiations between the company and the Group of Unions had concluded on 7 April resulting in the development of a proposal issued for the consideration of both parties by the independent facilitator on Monday.
It said it had no further comment to make at this time.
The ESB confirmed that the average salary for ESB employees at present is €62,000, rising to €72,000 when overtime and expenses are factored in.