PAYPAL IS TO cut 205 jobs among its Irish workforce, marking an 11% reduction of its operations here.
In a statement released today, the financial services company said it’s part of a strategy to reduce its global workforce so that it is positioned for its “next chapter of growth”.
The company said those who may lose their work will be “treated fairly”, with a discretionary enhanced redundancy package on offer to “help them as they move to the next step in their careers”.
The company insisted it “remains committed to Ireland” and will still employ over 1,600 people here after these changes.
These threats to jobs are just the latest in the tech industry in Ireland, which has already seen the likes of Meta, Twitter, Accenture and Stripe all reduce their headcount over the past year.
In its statement today, PayPal said that the the cuts are subject to consultation.
“PayPal today shared the difficult news with our employees in Ireland that we are proposing to reduce our workforce in Ireland by up to 205 jobs,” a spokesperson said.
“These proposed changes are subject to consultation, and no redundancies will take effect until after a consultation process has concluded.”
It added that the changes will allow the company to “move with the speed needed” to deliver for customers and “drive profitable growth”, while allowing it to continue to invest in the business.
Reacting to the announcement, Sinn Féin TD Ruairí Ó Murchú said it’s “disastrous news for workers and their families, particularly at the start of the new year”.
He said he spoke to a PayPal rep today and that it’s expected the 30-day consultation period will start around 7 February, with the redundancies to be completed by 25 March 25.
Ó Murchú further stated that it’s understood that job losses will be split equally between the former Dundalk site workers and those in Dublin.
Last March, PayPal announced the closure of its Dundalk site, with staff there told to work remotely after that date.
PayPal also plans sell its site in Ballycoolin and find a smaller office in Dublin.
Elsewhere, Labour’s enterprise spokesperson Ged Nash said PayPal workers have “restructuring fatigue, having been subjected to a number of rounds of job losses in the last two to three years”.
He called on PayPal to “recognise the human impact of these decisions and engage with staff representatives in a meaningful and constructive manner”.
“If redundancies are to proceed this will be a major blow for Dundalk especially and the entire Louth region,” added Nash.
-With additional reporting from Diarmuid Pepper