Staff at Independent News & Media (INM) face losing nearly half of their pension benefits, Newstalk has learned.

The company is also proposing that they work to 67 or 68 as part of plans to plug a hole in the pension fund.

As part of the plan workers at the country's biggest newspaper group will be given a 5% stake in the company.

The defined benefit pension scheme at the company has a deficit of more than €150 million. Management at the company met unions in recent days to discuss ways to close the deficit.

Independent News & Media told unions that the company will invest €60 million in the pension fund over the next 11 years.

If the proposals put forward by management are accepted, staff will get to keep 54% of the pensions they were promised. If the defined benefit scheme is wound up, the workers would get about 15% of what they had expected.

The cuts do not affect existing pensioners.