The Irish Times has announced 130 of its staff have applied for a voluntary severance package as the firm aims to cut jobs.

The company is trying to save €22m in the face of rising costs and a severe drop in advertising revenue.

The staff voted overwhelmingly in favour of a voluntary severance package offering five weeks’ pay for each year of service, and also approved major restructuring plans for each division of the company.

The severance offer has reached its required take-up in all divisions except for editorial, where only 44 people have signed up.

Unions have accepted the need for job losses but insisted they must be voluntary.

Editor Conor Brady has previously said he was confident The Irish Times would maintain what he called its “unchallenged place” as the leading newspaper in the country, adding that despite the changes, “The newspaper’s character and ethos remain the same.”

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