Fintech company Fexco is to reduce staff numbers in Ireland by 15%.
The company employs approximately 1,000 staff in this country; the majority of whom are based in Killorglin.
Staff have been informed of a voluntary redundancy programme, as well as the opportunity to apply for a career break or short time working arrangements.
A review of international staffing plans is also being finalised.
Fexco CEO Denis McCarthy has written to all staff thanking them for their resilience and dedication in recent months, but saying that it is clear that the effect of COVID-19 on international travel will not be short-lived.
He say that because much of Fexco's business is dependent on this sector, it must examine its operations to determine the changes it needs to make.
Cost reductions and graduated pay cuts have already taken place in the company, but Mr McCarthy tells staff that despite all efforts the company finds itself in a position that he would have considered unthinkable just a few months ago.
Details are to be announced of a voluntary redundancy programme, with the aim of reducing overall headcount in Ireland by 15% or approximately 150 staff.
Staff will also be given the option of availing of short time working arrangements or career breaks. This process will take place between now and early July.
A current 3 month salary reduction will also continue for a further three months and be reviewed again.
Mr McCarthy says implementing these necessary changes is a decision he has come to with a heavy heart as the people of Fexco are a huge part of its success.
He said that the decisions are being made to put the company in a stronger position to respond and rebuild as trading conditions improve.
Mr McCarthy said that he looked forward to the day when Fexco is back creating new roles and opportunities throughout its business.
