Two-thirds of top firms cut pay

More than two-thirds of Ireland's largest firms have reduced their payroll through redundancies and salary cuts over the past year, according to a new survey.

A survey of over 100 companies by consultants Mercer found cuts of 11% in payroll costs with the same firms planning to cut their costs by a further 8% next year.

Hiring freezes and redundancies were the two most widely used methods to cut staff costs, according to the survey.

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