The minimum wage will be reduced by €1 to €7.65 per hour as part of a range of measures to increase competitiveness outlined in the Government's four-year plan.
The plan says that export-led growth will fuel domestic recovery.
An independent figure will be appointed by the Government to promote and oversee competition in professional services.
The Government will identify further reductions in insurance costs, the plan says.
A review of Registered Employment Agreements (REOs) and Employment Regulation Orders (EROs), which apply mainly to the agricultural, catering, construction, and electrical contracting sectors, will be undertaken by Batt O'Keeffe, Minister for Enterprise, Trade and Innovation, to be finalised within three months.
The plan calls for a package of measures to reduce legal costs, including: increased use of tendering by the State; prioritising publication and enactment of the Legal Costs Bill; addition proposals for legislations, drawing on recommendations of the Legal Costs Working Group and the Competition Authority; and increased use of arbitration and mediation.
The 15-day prompt payment rule will be extended to the wider public sector from Government departments.
The plan does not mention any change to the €10 travel tax.
