Representatives of the Pfizer multinational pharmaceutical company and SIPTU have attended negotiations at the Workplace Relations Commission in a bid to avert strike action over pensions.
The talks adjourned this evening but will resume in the coming days.
SIPTU, which represents around 300 of the Pfizer workforce, had threatened to strike from last Friday over management plans to change pension arrangements for workers.
However, the strikes and an indefinite overtime ban were suspended to allow for talks.
Previously, Pfizer workers had a non-contributory Defined Benefit (DB) pension scheme, which meant that the company paid 100% of the contributions to the scheme, with the workers having no obligation to contribute to their pension benefits.
Pfizer has described this as "very unusual in either the public or private sector".
In addition, not just basic pay, but also bonuses and shift allowances, were included when calculating pension entitlements.
Pfizer would not indicate the average wage at the compnay, but other reliable sources suggested it was "between €100,000 and €200,000".
Pfizer says the current pension arrangements are now unaffordable and unsustainable, with the cost multiplying tenfold since 2009.
The company notes that in 2010, it contributed an additional €21m towards making up a funding shortfall.
It also states that between 2007 and 2012, it contributed €100 million to the DB schemes in Ireland - and that pension costs tripled between 2012 and 2014.
From 1 April, the company wants to transfer employees to a Defined Contribution (DC) scheme, with workers obliged to make contributions for the first time.
SIPTU has resisted the management proposals, arguing that Pfizer employees in other countries have been allowed to remain in defined benefit schemes, which are generally viewed as more secure.
Union members went on to reject a Labour Court recommendation aimed at resolving the dispute, though Pfizer accepted it.
The union had threatened a series of strikes and an indefinite overtime ban from last Friday, but the WRC intervened and invited both sides to talks, resulting in the industrial action being suspended.
Defending its position, Pfizer has previously noted that it participated in four years of negotiations through the industrial relations process - and had accepted the Labour Court recommendation containing significant improvements on the company's original 2014 proposal.
It has also stated that the current pension arrangements made the Irish plants less competitive.
Pfizer confirmed that the proposed changes will affect around 900 Pfizer employees across four sites in manufacturing, shared services and commercial operations - but stressed that the changes would be for future accrual only, and that it would continue to fund the existing schemes in accordance with its obligations.
A further 1,400 workers who have pension benefits in Ireland are already in Defined Contribution schemes, and their arrangements will not be affected.
The Labour Court recommendation included lump sums of up to €35,000, company contributions of up to 15% of pensionable pay as well as early transition incentives of up to an extra 14% of pensionable pay per annum on top of company contributions.
For those who did not transition early, the recommendation provided for 3 to 7 extra years of accrual in the Defined Benefit schemes (based on an employee's age at 30 June 2018).
Employees over 50 on 30 June 2018 could stay in the Defined Benefit scheme until such time as they retire or leave the company - though they would be required to make contributions for the first time.
