State rail company Iarnród Éireann is set to shed at least 450 jobs over the next four years.

The job losses, which the company says are part of a cost containment programme aimed at tackling a deficit of €45.3m, represent almost 11% of the company’s workforce.

Staff also face cuts in sick leave entitlements, subsistence allowances, and overtime under the programme negotiated at the Labour Relations Commission.

Since 2002, staff numbers have already fallen by a third to 4,100.

The company recently opened a voluntary severance scheme aimed at securing 450 redundancies over the next four years, although it can't yet quantify what savings those job losses will deliver.

Unions and management have this week agreed a package of further measures aimed at delivering another €12m in savings. They include changes to pension arrangements, overtime, annual leave, uncertified sick leave, and subsistence rates.

The company says these measures will reduce pressure to cut basic pay and deliver employment security.

Unions will ballot on the proposals by 20 June with implementation scheduled from the 9 July.