EY Ireland announces pay cut

Ernst & Young in Ireland has announced that it will dock the pay cheques
of all staff by 7.5 per cent.

All staff will be affected, with the exception of support staff earning less
than €40,000 (£36,000) per year.

In a statement, the firm said it was trying to avoid having to make
redundancies, and that the move was part of an overall plan aimed at reducing
labour costs. Other measures the firm said it is taking include a freeze on
overtime and a change in holiday entitlements.

The move follows a decision by PricewaterhouseCoopers in Ireland in February
to cut the pay of some of its staff by 10 per cent.

In March, KPMG Ireland announced that it was making 200 redundancies – or 10
per cent of its workforce, and that it would cut the pay of remaining staff by
5-10 per cent. Deloitte also announced that it would seek 70 voluntary
redundancies in Ireland.

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