Over 300 jobs are being cut at PayPal's Irish operations.
The Tanaiste says the news will come as a shock to staff working at the company's Blanchardstown and Dundalk offices.
Leo Varadkar says the firm's assured him it remains committed to Ireland and the remaining 2,000 staff will continue to be employed here.
Consultation with staff will begin on Thursday.
PayPal Statement
PayPal released the following statement: "PayPal is proposing to remove a selection of roles at its sites in Dublin and Dundalk following a review of its operational needs.
"This proposal is subject to consultation. The changes will help us scale our business to meet the evolving needs of our customers, ready for our next chapter of growth.
"We are proposing a reduction of 307 roles in Ireland: 135 roles in Dublin, 172 roles in Dundalk.
"PayPal notified employees in the affected teams of the consultation today, 24 May 2022.
"PayPal remains committed to Ireland and our Dublin and Dundalk sites will continue to be among our largest global centres for employment and operations, supporting our customers. We will continue to employ well over 2,000 employees after the proposed changes.
"PayPal is committed to ensuring that colleagues who leave under the proposed changes are treated fairly and generously. We are offering enhanced redundancy and support packages to help them as they move to the next step in their careers.
Tanaiste Statement
Tanaiste and Minister for Enterprise Leo Varadkar says: "This news will come as a real shock to the staff working at Paypal’s Dundalk and Blanchardstown offices, their families and communities. I have spoken with the Paypal leadership team and expressed my disappointment at the decision and the impact it will have on their employees. The company has assured me that Paypal remains committed to Ireland and the remaining 2,000 staff the company will continue to employ here.
"Consultation with staff will begin this Thursday and I understand all 307 redundancies will be initially sought on a voluntary basis and a good redundancy package will be made available.
"I’m very conscious of the workers and their families receiving this news today. I know this is coming on top of what has been a very difficult couple of years for everyone and will be very worrying. Our goal is to create a job for everyone that wants one. Secure, well-paid, sustainable jobs located in every county in the country.
"We are working hard to reach this goal and have set ourselves the target of 2.5m people at work by 2024, which would be the highest level of employment in the state. The Government will make all necessary State assistance available to the workers, to help them find new employment, education and training opportunities as soon as possible."
