Indo group to slash 565 jobs

IRISH Independent owner, Independent News and Media (IN&M), is to shed 565 jobs from its worldwide workforce of over 11,000.

In a surprise move the company announced plans for a restructuring which will result in a once-off charge of 53.5 million but is expected to generate annual savings of 18.4m by 2005 as a result of axing of 5% of the workforce.

A company spokesman would not disclose how many of the job losses will be in Ireland, but the National Union of Journalists Ireland secretary, Seamus Dooley, said they will be seeking immediate clarification of the announcement "As we see, there is no room for any journalistic job losses within the Irish operation," he said.