The figure is dependent on productivity increases and will be paid to electricians who have worked on the project for at least two years.
Electricians who have been on the project for more than a year but less than two will receive a payment of £1524; others will receive £1304.
As part of the deal, electricians will sign waiver forms opting out of the 48-hour work limit in the Working Time Directive. Overtime will resume immediately on selected sites. It is to be monitored by electricians' union AEEU and organised on a rota system.
Some workers could receive their termination payment within weeks, as the first phase of union-agreed redundancies is due to start next month.
Drake & Scull project director Chris Raven said: "This deal gives the company and the electricians the opportunity to go forward together."