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The Republic of Ireland men's and women's teams will receive the same match fees on international duty, with immediate effect.
The Football Association of Ireland (FAI) said the "historic" move was made after talks including team captains Seamus Coleman and Katie McCabe.
The Republic men's fees will be reduced with the FAI matching that contribution to level the match payments.
"This is a great day for Irish football," said women's skipper McCabe.
"We have taken a huge step forward with this deal and have shown the world what can be achieved through unity as we offer male and female international players the same opportunities.
"I am very proud as Ireland captain of the work that has been put in to get us to this point, not just by the current team but by so many Irish players in the past.
"They are the real heroes in this story, they took a stand and they passed on the baton to the current generation.
"Seamus Coleman and his team-mates in the senior men's squad also deserve credit for being brave enough to support us in such a progressive way on this issue. It is really appreciated."
Republic women threatened strike in 2017
Four years ago, the Republic of Ireland women's team threatened to go on strike in a protest over treatment by the FAI which led to a World Cup qualifier being in doubt.
The players' gripes back in 2017 included fury over having to change in public toilets on the way to matches and a representative of the players said that they were being treated as "fifth-class citizens, the dirt on the FAI's shoe".
However, relations between the women's squad and the football governing body have improved massively since then, with Monday's deal having being brokered by FAI chief executive Jonathan Hill and players' advisor Ciaran Medlar.
"The relationship between the FAI and the senior women's team is stronger than I have ever known it and we look forward to continuing to work together to make Irish football better for everyone who plays our game, regardless of their identity or background," added McCabe.
Men's captain Coleman said that the "deal is the right one for everyone who plays international football for Ireland".
"We are delighted as players to do what we can to ensure that our female international players are treated equally and fairly and we remain fully committed to doing whatever we can to achieve that goal together," added the Everton full-back.
FAI chief Hill described the announcement as "another important milestone in the FAI's own transformation journey".
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