The laundries were Catholic-run workhouses where thousands of women and girls had to do unpaid, manual labour.
Payments will range from 11,500 euros (£9,000) for women who spent three months or less in a laundry, to a maximum of 100,000 euros (£85,000) for ten years or more.
Payment is not dependent on proof of hardship, injury or abuse.
Around 600 survivors are to receive forms by post to enable them to apply for redress.
The government expects the redress scheme to cost between 35m and 58m euros (£30m to £50m).