Workers at the Irish Examiner/Evening Echo newspapers have been told that their pensions could be cut by up to 50% or more after management revealed a €20m deficit in the company defined benefit pension fund.
The 300 workers summoned to a meeting today were also told that they would have to accept paycuts of 10%.
During a three-and-a-half hour long meeting, which was described as tense, angry and emotional, the staff of the Cork-based national newspaper were told that these measures were necessary to secure their future.
The company say the deficit derived mainly from poor investment performance over the last number of years and not mis-management.
Afterwards, staff union representatives said people are very angry, especially those who have been paying into a pension fund for up to 40 years and now looking at a major shortfall.
Management are due to meet with unions on Wednesday.
