It will apply to parents who are employed or self-employed during the child's first year.
Paid maternity and paternity leave will be extended by two weeks for parents of newborn and adopted children in Ireland.
New legislation will provide for extra paid parental leave for each parent of a child who is born, or adopted, from 1 November 2019.
The Bill was published by Minister for Justice and Equality Charlie Flanagan, Minister for Employment Affairs and Social Protection Regina Doherty, and Minister of State with responsibility for Equality, Immigration and Integration David Stanton.
The changes will allow parents to take extra leave in the first year of their child’s life.
The new bill comes after the government announced the extension of unpaid parental leave from 18 weeks to 22 weeks and an additional two weeks from September next year.
Speaking about the new legislation, Doherty said: “This payment is in addition to existing maternity, paternity and adoptive leave entitlements.
"It will provide working parents with a further opportunity to spend more time with their new baby during its first year which is of particular importance,” she stated.
The Parental Leave and Benefit bill will be brought to the Seanad and then the Dáil where it is expected to be passed by 1 November.