The Irish Times is seeking up to 60 redundancies and implementing a range of other cost cutting measures due to predicted losses next year of up to €13m.

At a number of briefings today, Irish Times management told staff that advertising revenue from property is down 50% since last year, while recruitment advertising has fallen by 20%.

The newspaper is seeking 30 redundancies immediately, with the possibility of up to 30 more after Christmas.

Managing Director Maeve Donovan said the company could afford a generous redundancy package now, but was unlikely to be in a position to do so next year.

She said the newspaper will see a recruitment freeze, with a significant reduction in budgets for casual staff. There will also be a pay freeze until the end of next year.

The company's defined benefit pension scheme is to be closed off to new entrants from January 1, 2009.

All employment terms and conditions will be reviewed to save costs - as will the company's printing operation.

Maeve Donovan said there had been serious falls in revenue, and it was impossible to predict when they would reach the bottom of this cycle, and how long it would last.

She said while the newspaper could not influence external factors, it must collectively do its best to protect the future and the ethos of the Irish Times, while preserving as many jobs as possible.

Ms Donovan acknowledged questions had been raised about the paper's investments in Myhome.ie, Metro, and Ireland.com. She said there was a clear strategy underpinning all these investment decisions specifically intended to address structural changes in the industry, and to ensure the integrity of revenues longterm.

She said those investments had been affected by the global financial crisis, but the long term rationale for diversification was essential for the long term future of the Irish Times.

Editor Geraldine Kennedy said it remained her objective to produce a quality independent newspaper and to protect it from attack - whether from tribunals, commercial interests, governments or anyone else.

She said many unpalatable options had been on the table to confront the current difficulties.

However, she was satisfied that the company had settled on the right mix for the situation in which they find themselves.

Management has scheduled a meeting with the paper's group of unions on Friday.