+34
Move is part of global strategic plan announced earlier this year
Almost 12 per cent of the payment company’s 1,380 Irish staff are said to be affected by the move. The company, which has staff based in Dublin and working remotely across the country, had earlier on Monday confirmed to staff that 33 jobs would go at its business support department.
However, Sinn Féin TD Ruairí Ó Murchú said the company had subsequently said it was looking to cut an additional 131 jobs across a range of departments. Why am I being charged PRSI when I am on the State pension? The redundancies are part of a strategy the company announced in April for its global business in a bid to cut costs, simplify operations, remove of duplication and clarify reporting lines.
Staff affected by the cuts are expected to leave the company between October 7th and 21st. Enhanced redundancy packages are expected to be offered to workers. Ó Murchú said it was a “devastating blow” to staff and the realisation of the “worst fears”.
“This is devastating for the workers involved and their families, many of whom have given years of sterling service to PayPal,” he said. “It is vital that PayPal fully consults with their staff in a meaningful way and puts in place the help and supports that it has promised for those who are affected.
” The Sinn Féin TD said that although a staff spokesman said he had been assured the company remained committed to Ireland in the long term, there were concerns about the turbulent few months endured by PayPal, with worries around the impact of AI among the workforce. The payments company, which was founded in the 1990s, had been at the forefront of digital payments, but has struggled in recent years to modernise its technology.
That has allowed rivals to grow their market share. Last week it emerged a consortium of buyout firm Advent and Irish cofounded Stripe had abandoned plans to bid for PayPal. Sources said the consortium had previously offered more than $50 billion for the company.
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