One of the biggest private sector employers in the southeast is effectively introducing a 25% salary cut.
Bausch & Lomb in Waterford is putting its 1,400 employees on short-time working next month, meaning staff will have to take unpaid leave of one week per month for at least the next six months.
The hours are being cut as production is also cut.
Bausch & Lomb, which has its headquarters in the US, makes contact lenses and other eyecare products.
Management have been meeting with employees and union representatives throughout the day.
