The Institute of Chartered Accountants in Ireland is facing industrial action next week in a row over compulsory redundancies.

On 3 October, 11 of the institute's 130 employees in the Republic were told they had been selected for compulsory redundancy as part of a bid to save €210,000.

This evening, the staff involved are being told that they need not report for work tomorrow - but that they will receive 12 weeks' pay in lieu of notice.

Nine of those being made redundant are members of UNITE - which represents 40 workers at the accountants' body.

The first protest will take place at the Institute Headquarters on Pearse Street next Tuesday.

Regional officer Claire Keane said the targeted savings of €210,000 per year from the job cuts were €150,000 less than the salary of the Institute CEO.

She said the ICAI had refused to take the matter to the Labour Relations Commission.

A spokesperson for the ICAI said that they were obliged to take action because they were running a deficit of €1m for this year.

He said the staff involved did not have the required skillsets to be redeployed.

The 11 employees work in areas including membership, publishing and event planning.