The agreement will see women's players at both international and domestic level receive the same match fees as men across all formats and competitions.
"This is the most important agreement in our sport, as it binds NZC, the major associations, and our players at the hip, and sets the foundation to fund, grow and develop cricket," NZC Chief Executive David White said on Tuesday.
"It's been a collaborative yet very robust negotiation. Importantly, it represents a significant step forward as we continue to grow our investment in women's cricket."
Under the agreement, the number of women's domestic contracts will increase to 72 from 54 while the men will earn higher retainers due to the greater number of matches played, formats contested and time spent training and playing.
"It's great for the international and domestic women players to be recognised in the same agreement, alongside the men," White Ferns captain Sophie Devine said.
"It's a massive step forward and will be a huge drawcard for young women and girls."
Blackcaps skipper Kane Williamson agreed it was an exciting time for the sport.
"It's really important for the current players to build on the legacy of those who have gone before us, and to support tomorrow's players, both men and women, at all levels," he said.
"This agreement goes a long way towards achieving that."
15°C