Eircom agrees job cuts

Taken from enn.ie:

The Irish Times reports that Eircom has reached agreement with unions on a restructuring plan that involves 1,200 job cuts and voluntary pay reductions of between 5 percent and 10 percent.

The job cuts will be achieved by the end of June 2011. In addition, no performance-related bonuses will be paid before mid-2011, and subsistence and mileage expenses have been cut by 25 percent, along with other allowances.

The moves are aimed at helping Eircom make annual savings of EUR130 million by the end of June 2011 as it struggles to service nearly EUR4 billion in debt and to cope with an estimated decline in its business of about 9 percent.

Eircom also said it wants to reach agreement by the end of July on measures to tackle its EUR430 million pension deficit.