Pfizer has announced that it plans to reduce its workforce at three manufacturing facilities across Ireland.
This will affect around 210 jobs across Grange Castle (Dublin), Newbridge (Kildare), and Ringaskiddy (Cork).
This decision is part of Pfizer’s redundancy initiative to cut costs. Pfizer needs to make these changes in an effort to streamline operations during changing market conditions.
Pfizer is aiming to save over €1.3 billion Euro globally. In 2023 Pfizer cut 100 jobs at the Newbridge plant.
When Will Pfizer Redundancies Start?
The Pfizer job cuts will start in late 2024 and extend into 2025.
- Voluntary Redundancy and Targeted Redundancy: Some employees will be offered voluntary redundancies, while others will face targeted layoffs.
- Impact: This reduction accounts for under 5% of Pfizer’s total Irish workforce, which numbers around 5,000 employees.
Why is Pfizer Cutting Jobs?
There are several reasons why Pfizer has decided to cut jobs in Ireland. There has been a lower demand for multiple products. Including sales of Paxlovid, Pfizer’s Covid-19 antiviral medication.
Pfizer has also seen an increase in competition. New pharmaceutical companies have gained traction in the Irish market, putting further pressure on Pfizer.
Pfizer’s Response and Future Plans
Pfizer has reiterated that reducing jobs is their “last resort” and that they are working closely with employees and their representatives throughout the process.
The company has promised to handle the redundancies with transparency and in full compliance with labor laws.
In relation to the potential redundancy packages. No official details have been released for this round, however, previous layoffs at Pfizer included compensation of six weeks’ pay for every year of service, plus an additional two weeks’ pay.
Call today to talk to a Redundancy Specialist about your rights and tax-obligations.
