Financial services company Aviva is set to shed far fewer jobs than had been anticipated when it announced 950 redundancies last October.
It is understood that the company will inform staff in the morning.
Of the original 950 redundancies, 180 were to come from Aviva Europe which has been abolished, while the remaining 770 were from the Irish operation.
However, it is understood that the number of redundancies in the Irish operation is now expected to be between 500 and 550 - all on a voluntary basis.
In addition, Aviva is creating 220 new claims, insurance and direct sales jobs in Galway - with recruitment to begin in the summer.
The redundancy package will be worth six weeks per year of service, capped at two-and-a-half years.
It is understood there will also be what was described as a "comprehensive modernisation programme on pay and benefits".
This will involve a move to more performance-related pay for those who remain in the company.
As yet it is unclear what this will mean for basic rates of pay.
There will also be new actuarial and underwriting pricing centres in Dublin to service both Irish and UK customers.
The redundancy terms will be viewed as generous compared to other packages currently being negotiated in the financial services sector, particularly banking.
The Department of Finance is refusing to sanction packages in State-aided banks that exceed the public service redundancy terms of three weeks per year of service plus two weeks statutory.
However, sources stressed that Aviva is a private company that is not bound by the constraints of the public sector, and is not receiving State aid.
