Iarnród Éireann has agreed a pay and productivity deal with unions that provides a 10.5% pay increase over five years.
It also has the potential for a further 4.5% self-funded increase, which is subject to achieving verifiable efficiencies.
The pay deal will now be put to union members for ballot.
A €500 voucher will be given to staff on acceptance of the deal, with another €500 voucher to be paid in January 2023.
A cost-of-living pay award of 3.5% will be paid this year, followed by a further 2.5% cost-of-living increase next year.
In 2024, staff will receive a 1.5% pay increase and a further 1.5% productivity increase subject to efficiencies being obtained.
The same arrangements will apply in 2025 and 2026.
"The agreement is part of the company's overall people strategy, which heralds a new era of collaboration and cooperation between the company and its trade union partners," Iarnród Éireann said in a statement.
The Iarnród Éireann Trade Union Group is made up of SIPTU, NBRU, Unite, TSSA and Connect Trade Union.
A union source said: "The high level of capital investment towards the improvement of the national railway system demands that both the employer and staff representatives agree a solid platform on which to ensure that the continued evolution of railways can be effected by a workforce that has dedication towards improving public transport infrastructure, whilst at the same time affording those same workers reasonable terms and conditions of employment.
"The TUG would also urge Government to look at interventions and initiatives towards ensuring that workers across the economy would have better value from their salaries than that which currently exists."