Working for a Big Four accountancy firm in Ireland is becoming a lot less alluring these days. Following similar moves by its competitors in the last couple of months, Ernst & Young has now announced it is to cut salaries by 7.5% for all staff by July.

The good news, however, is that this means it’s ruling out any redundancies in the near future.

“In order to avoid putting our people at more serious risk and to protect the capacity of the business, we have taken this measured response,” the firm said in a statement.

E&Y employs around 1,000 people in Ireland within five office locations. Excluded from the pay cuts will be support staff and those earning less than €40k a year.

This is the latest in a series of cost-cutting measures by a Big Four firm in Ireland. Last month Deloitte, which has 1,200 Irish employees, said it was seeking 70 voluntary redundancies.

KPMG, meanwhile, announced in March that it would be making 200 redundancies – or 10% of its workforce – as well as cutting pay for the remaining staff between 5-10%.

In February, PwC also said it was chopping salaries by 10% in a bid to keep redundancies to a minimum, as well as offering shorter working hours and incentivised leave.

Recruiters tell us that they are being flooded with CVs from Big Four employees.

“There are a lot of candidates on the market, from both Big Four and top ten firms, and the vast majority of them have had no choice in the matter,” says Ken Harbourne, country manager for financial recruiters Robert Half.