Fine Gael leader Enda Kenny has said he received confirmation from the European Commission that any incoming government will not be bound by individual proposals in the four-year plan.

Read the full plan and the leaflet

He said it would be possible for a new government to negotiate a new plan.

Fine Gael will publish its budgetary strategy next week.

Fine Gael Finance Spokesperson Michael Noonan said there was no mention on banking, which he said was extraordinary.

He said once banking plans were agreed with the International Monetary Fund and European Union, the top line figures in the plan would change.

Labour Party Finance Spokesperson Joan Burton said she was concerned that pensioners' payments will be reduced.

Ms Burton also said the plan was the bill for 13 years of what she called 'Fianna Fáil mismanagement' of the economy.

She said the details indicated a ‘hard landing’ for people in the PAYE sector.

Ms Burton said the big problem with the plan was the lack of any real strategy for growth.

She called on the Government to clarify if the plan was its opening position for talks with the IMF, conceding that if the plan was agreed with the IMF, it could not be changed by any new government without negotiation.

Sinn Féin's Caoimhghín Ó Caoláin said this was a plan for recession, not for recovery.

He said that having published the plan, the Government should now put the Budget on hold and call an election, so the people could have their say.

Plan a roadmap to Stone Age - O'Connor

SIPTU General President Jack O'Connor has called the plan a roadmap to the Stone Age and a declaration of war on low income earners.

Mr O’Connor also said the plan was an intensification of measures that have already failed.

Meanwhile, the IMPACT trade union has called for a massive turnout at ICTU's national rally on Saturday to demonstrate support for an alternative to the plan.

Employers' group IBEC, however, has welcomed the plan saying it recognises the importance of a growth strategy for the Irish economy.

The group said that while nobody in the country wanted to be in the current situation, it is vital that a pro-enterprise budget is now passed, so the country can move forward.

The Construction Industry Federation (CIF) has said the cost of cutting capital investment will include over 50,000 job losses.

The Irish Small and Medium Enterprises Association (ISME) said it welcomed the fact that a future blueprint had been outlined, 'which hopefully will generate badly needed confidence in the economy'.

The Irish Congress of trade Unions (ICTU) said the plan will 'do precisely the opposite of what it is supposed to do - it will not lead to national recovery, instead it is a roadmap into deep recession.'

It described the plan as 'savage and regressive'.

Social Justice Ireland said the plan is bad for the economy, bad for society and bad for social cohesion.

'The weak, the sick and the working poor will take an unfair proportion of the hit as Ireland struggles to recover from the reckless actions of greedy bankers, incompetent regulators and an inept government,' it said.

Visual Artists Ireland has criticised the plan to cap the artists' tax exemption at €40,000.

The group said that for many artists, poverty is a reality and that while the Government says the arts are at the core of our cultural identity, artists must have the ability to survive.

Many artists rely on other jobs as a source of income, traditionally in the arts or education sectors however these jobs will also be affected by cuts, the group has claimed.

Age Action says that older people on low incomes will be hardest hit by the four-year plan measures.

The charity said it noted that the plan gave no commitment to protecting the State pension, but did include a series of measures that 'will hurt the poorest and most vulnerable of older people'.

Age Action said the report says social welfare payments will be cut by €3bn over the four year period, with €760m in savings in 2011.

It does not specify how these savings will be achieved and which payments will be cut, the charity said in a statement.