LAST UPDATE | 31 Aug

A TOTAL OF 164 Irish-based employees at global fintech company PayPal are to be made redundant.

Sinn Féin TD Ruairí Ó Murchú said he has been informed by a PayPal spokesperson that 164 positions are to be cut – almost 12% of its Irish workforce.

The company employs 1,380 people on a full-time basis in Ireland.

It was stated that the proposed cuts to jobs would take place at all levels of the company, the TD said.

The Department of Enterprise confirmed it received notice of proposed collective redundancies from PayPal Europe Services Ltd on Friday 28 August.

The company earlier would not comment on the number of roles it intends to cut. However, a collective redundancy is triggered when the proposed dismissals over a period of 30 days reach 30 roles or more for a company that employs over 300 individuals.

Ó Murchú said he was informed by the spokesperson the process of the nomination of employee representatives will begin shortly and there will be a period of negotiation and consultation with workers with redundancies proposed to be taking place between 7 and 21 October.

“It’s really sad for the workers involved and their families, many of whom have given years of sterling service to PayPal.”

It is understood that one team of around 120, previously based in Dundalk but now working remotely, received an email invitation to a brief meeting this morning where staff were informed of redundancies.

The number and reasoning were not discussed, it is understood.

In a statement, PayPal said: “The proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth.

“Decisions like these are never easy. We recognize the impact they have on our employees and are committed to supporting them through this transition.”

The redundancies come as Stripe and private equity firm Advent dropped its planned Ó Murchú said he had been contacted by “concerned workers” this morning over the proposed redundancies.

“It is a terrible blow for the workers and their families, particularly at the start of the new school year,” he said, adding that it is “vital” PayPal fully consults with its staff in a meaningful way and provides supports to those affected.

In July last year, the company announced it was creating an additional 100 AI and data science roles at its Dublin offices.