Siptu members at Bausch and Lomb in Waterford have voted in favour of a revised programme of cuts put forward by management at the plant.

563 workers voted to accept an average cut in pay while 157 voted against the proposal.

The agreement includes a wage reduction of 7.5 per cent in basic pay, elimination of some bonuses, one hour added work per week, a reduction in in the Sick Pay scheme.

The contact lens manufacturer is still seeking to cut 200 staff from its 1-thousand-100 workforce. But new proposals outlines an improved redundancy package for those who will lose their jobs.

SIPTU Sector Organiser, Alan O’Leary, said: “These proposals were very difficult for our members to accept. However, enhanced compensation means that these cuts won't be felt for some time. Also, a new gain sharing commitment from the company equivalent to 10% of savings on unit labour costs shared equally among workers provides an opportunity to mitigate the losses.

"Since an announcement on Thursday, 29th May, that the future of the plant was in jeopardy unless there was major cost savings, SIPTU has been in intensive talks with the senior management from Valeant, the Bausch and Lomb parent company.

At a general meeting of SIPTU members on Thursday, 12th June, it was decided to hold a ballot on the proposals.

Alan O’Leary, added: “Our members had genuine concerns that Valeant was adopting a race to the bottom approach driving wages into the floor without providing any future security. However, we received a letter of commitment from the Valeant CEO J. Michael Pearson confirming that the company would not seek any more cuts. He also provided a personal commitment to immediately invest in the Waterford plant if our members accepted the terms of the LRC proposal."