Eoin Morgan, Mark Wood handed central contracts
Wood, who has featured in six Test matches spread across the New Zealand and Australia series, has accounted for 19 wickets at an average of 36.31.
Morgan on the other hand, gets his contract after being elevated to the captaincy of the limited overs teams in December last year.
Director of England Cricket Andrew Strauss elaborated that the award of the contract means that the board is backing Wood to succeed in all the three formats.
"We congratulate Mark Wood on winning a central contract for the first time," he said.
"This award reflects his excellent performances for England this summer and our expectation that he will have a role to play in all three formats of the international game over the next 12 months.”
Strauss further specified that awarding the contract to Morgan was a result of him being the captain of the limited overs sides.
"Eoin Morgan's award reflects his status as captain of our limited overs teams and the wider importance we place on white-ball cricket as we prepare for a busy period of T20 and one-day International cricket over the next 12 months including the World T20 tournament in India next year."
Wood and Morgan have replaced Chris Woakes and Chris Jordan, both of whom have had limited opportunities due to injuries.
Gary Ballance, who found himself out of the Test side midway during the Ashes campaign, also misses out on earning a central contract.
Nevertheless, Ballance, Woakes and Jordan have all earned incremental contracts, alongside Jonny Bairstow, Alex Hales, Liam Plunkett, Adil Rashid and James Taylor.
Adam Lyth, who failed to impress with the bat in the Ashes series, did not even make it to the list of players who were given incremental contracts.
Players awarded central contracts:
Moeen Ali, James Anderson, Ian Bell, Stuart Broad, Jos Buttler, Alastair Cook, Steven Finn, Eoin Morgan, Joe Root, Ben Stokes, Mark Wood
Players awarded incremental contracts:
Jonny Bairstow, Gary Ballance, Alex Hales, Chris Jordan, Liam Plunkett, Adil Rashid, Chris Woakes, James Taylor
© Cricket World 2015