Once again, PayPal starts the year with another round of job cuts

PayPal has confirmed that it's planning to cut more than 200 jobs from its workforce in Ireland as part of a global staff reduction.

The move will see the company's head count in the country reduced to 1,600 as part of a plan to cut its global workforce by 2,500.

"PayPal is going through a strategic transformation to position us for our next chapter of growth. This week, PayPal president and CEO Alex Chriss announced plans to reduce our global workforce," says the company in a statement.

"We are doing this to allow us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."

The company is promising staff that the job cuts will be subject to consultation, and that no redundancies will take effect until after this process has concluded.

"PayPal is committed to ensuring that colleagues who leave under the proposed changes are treated fairly. We are offering discretionary enhanced redundancy and support packages to help them as they move to the next step in their careers," it says.

PayPal closed its Dundalk office last year, moving its entire headcount to remote contracts and relocating its Dublin office, laying off 62 jobs.

The 30-day consultation process is expected to start in the next week, with the redundancies to be completed by March 25, split equally between the former Dundalk site workers and those in Dublin.

Sinn Féin Teachta Dála for Louth, Ruairí Ó Murchú, said he was dismayed by the news.

"It is disastrous news for the workers and their families, particularly at the start of the new year. It is imperative that PayPal fully consults with their staff in a meaningful way and puts in place the help and supports that it has promised for those who are affected," he says.

"All the arms of the state should be used to support those who are losing their jobs to find alternative employment and be assisted through this very difficult time."

Meanwhile, Labour’s enterprise spokesperson, deputy Ged Nash, called on the company to try to identify potential cost savings and redeployment as an alternative to the 'nuclear option' of redundancies.

"The proposed redundancy being contemplated should not be a done deal and neither should the 28-day formal consultation be treated as a token process by the company," he says.

"PayPal must recognise the human impact of these decisions and engage with staff representatives in a meaningful and constructive manner."

Over recent months, a number of other tech companies have announed plans to lay off staff in Ireland, including Meta, Google, Amazon, eBay, Dell and Salesforce. Last week, Microsoft, too, announced job cuts for its gaming divisions, including Activision Blizzard, which are believed to impact staff in Dublin and Cork.