Dáil passes legislation to slash minimum wage

The Dáil has passed the first vote by 80 to 72 to slash €1 off the national minimum wage.

The legislation - which is being rushed through by lunchtime - will also cut the pensions of retired public servants and the pay of the Taoiseach and Ministers.

Minister Brian Lenihan said the minimum wage has to be cut for jobs growth, and warned against not sticking to the four-year plan.

The Finance Minister said any new Government elected in the new year that departs from the four-year plan will do so "at its peril".

Mr Lenihan has also announced the first drawdown of the EU/IMF loans will happen early next year.