The confidential settlement also includes a donation to a sexual assault charity.
She apologised to Brittany Higgins for making the slur at her in her office in February.
Ms Higgins had publicly accused another staff member of raping her in 2019.
In public the minister had stood behind her former employee when she made the accusation.
Ms Reynolds remains on sick leave and on Friday posted an apology on social media, adding she "did not mean it in the sense it may have been understood".