Published Wednesday, 18 January 2012
The money, which is three times the statutory amount, will be available at August 2012.
The Department of Education has notified employers of the funds.
Education Minister John O'Dowd said he is "optimistic" that redundancies can be managed through a voluntary process.
"Having listened carefully to the concerns of the teacher unions and the Employing Authorities I am making the necessary funding available," the Sinn Féin minister said.
"This funding will be made available from within existing budget provision set aside to facilitate a reduction in the long term cost base of the education sector.
"It is intended to obviate, as far as possible, the need for compulsory redundancies.
"I am optimistic that, through collaborative working between my department, the Employing Authorities and the teacher unions, redundancies in 2012 can be managed through a voluntary process."
The announcement has been welcomed by teachers unions.