Bausch & Lomb, Waterford, Ireland

US firm Bausch & Lomb to cut 195 jobs in Waterford; Big 4 accounting firm KPMG to cut 200 jobs and reduce pay in Ireland.

US firm Bausch & Lomb in Waterford, is reported to have told staff it is seeking 195 redundancies. Negotiations over severance packages are to take place in the coming weeks. Meanwhile, Big 4 accounting firm KPMG is to cut 200 jobs and reduce pay.

The US-owned multinational Bausch & Lomb, which is a maker of eye care products, is seeking voluntary redundancies

Bausch & Lomb has most of its 1,400 workers on short-time working since the end of January.

KPMG

Big 4 accounting firm KPMG is to make about 200 people redundant at its Irish operations, representing  10% of the workforce.

The company is also reported to be imposing pay cuts on its remaining staff by between 5% and 10%. The pay cuts and compulsory redundancies take effect in May.

The 5% pay cut will apply to those earnings under €35,000 a year, with a 10% reduction for those over this figure.

KPMG said the lay-offs would mainly affect support services staff and recently qualified accountants outside the firm's management grade.

The 200 staff losing their jobs will receive six weeks pay per year of service (outside of training contracts) capped at two years' salary. The company says there will be no minimum service period to qualify for a payment.