The ICC and chief executives’ committee also approved changes to over-rate sanctions in Test cricket.
The changes have been retrospectively applied to the start of the World Test Championship cycle, which began with the Ashes on 16 June.
Every England and Australia player was fined 40% of their match fee – about £6,000 for an England player – after the first Ashes Test at Edgbaston, with both sides also losing two World Test Championship points.
There had also been reports, external that Australia were going to be docked 13 points – and therefore lose all 12 they gained for winning – for their over-rate in the second Test at Lord’s.
The ICC says the changes “balance the need for over-rates to be maintained and ensure players are appropriately remunerated”.
Players will now be fined 5% of their match fee for each over they are short, up to a maximum of 50%. This is down from 20% an over, external, with no maximum.
However, if a team is bowled out before 80 overs, no penalty is applied. This is an increase from 60 overs.
ICC men’s cricket committee chair Sourav Ganguly said: “The ICC World Test Championship has injected renewed energy into Test cricket, giving it compelling context.
“In the last edition we only had 12 draws in 69 matches, and we want to ensure that trend continues while we’re giving fans the best value for money and keeping over-rates up.
“The men’s cricket committee felt strongly that over-rate penalties in the form of WTC points deductions should remain but recommended that players should not have 100% of their match fee at risk.
“We believe this provides a balance between maintaining over-rates and ensuring we are not deterring players from playing Test cricket.”