KPMG to shed 20 jobs in Belfast

Twenty people are to be made redundant at the firm's Belfast office

The accountancy and consulting group KPMG is to make 20 people redundant from its Belfast operation.

About 200 people will lose their jobs across Ireland, the firm has said - a reduction of 10% across the firm.

The firm employs about 2,000 people in Ireland. The firm is also cutting pay to its remaining staff by between 5% and 10%.

Those earning under 35,000 euro will face a 5% pay cut and those on larger salaries face a 10% reduction.

The redundancies and pay cuts take effect from May. In a statement the firm said it regretted the news.

It said it had worked hard to minimise redundancies and regretted having to take these measures.

It is understood support services staff and recently qualified accountants outside the firm's management grade will also be affected.

Meanwhile, Taoiseach Brian Cowen told the Dail on Wednesday that unemployment in the Republic of Ireland had risen to 354,000.

That represents an 8% rise on January's figure. Mr Cowen said there would be a supplementary budget in the first week of April.