Workers in Ernst & Young will see their wages fall by 7.5% fron July 1, the professional services company announced today.
The reduction in salaries will affect all the firm's employees in the Republic of Ireland, with the exception of support staff earning less than €40,000 a year.
A statement released by Ernst & Young this evening said it was not planning any redundancies, but its overtime policy and holiday entitlement would change to match marketplace norms.
The statement that the company believed its decision marked a 'measured response' to the economic recession and that such action would protect its future.
