The Pandemic Unemployment Payment will be reduced to €208 a week from today, in the next step in the winding down of the scheme.
People who previously earned less than €151.50 per week will receive a payment of €150.
The PUP was first introduced in March 2020 and at one stage it was paid at a flat rate of €350 a week.
It was then restructured and linked to previous earnings.
The scheme was closed for new applications on 22 January and remaining PUP recipients, if eligible, will start transitioning to standard jobseekers' payments from 5 April.
Minister for Social Protection Heather Humphreys announced the winding down of the scheme in January.
At the time she said that the PUP had been a vital support for workers and their families.
"What was originally intended to be just a six-week short-term payment will now last for over two years with over €9 billion in payments issued to workers," she said.
At the end of February, 53,706 people were in receipt of the payment.
This week, that number will fall below 50,000, compared to over 605,000 at the peak in May 2020.
It is the first time the number of people in receipt of the payment has fallen below 50,000.