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Industrial action at the plant was suspended on Wednesday to facilitate the talks.
Staff held two-hour work stoppages at the plant last weekend.
Siptu argues that the company is not offering workers a sufficient pay rise to support them during the cost of living crisis.
The action is due to start at the company’s Waterford plant tomorrow.
Taoiseach Leo Varadkar opened an €85 million extension to Bausch and Lomb in Waterford this morning.
Bausch and Lomb workers agreed to a string of cost cutting measures to keep the plant viable in 2014.
The company has thanked workers for approving the plan to dramatically cut spending at the contact lens plant.
SIPTU staff voted in favour of the measures. TEEU members will vote tomorrow.
Proposals to cut pay have been modified downward from 20 per cent to 7.5 per cent.
The current Enterprise Minister held the same role back 18 years ago.
Senator Katherine Zappone thinks they need to be updated and will present a Bill on the subject in the Seanad today.
The talks are being held with a view to reaching agreement on a plan to keep the plant open and secure its future.
SIPTU has said that the proposed 20 per cent pay cut and 200 jobs losses are unacceptable.
Everyone’s talking about Labour Party leadership, marathons and job worries in Waterford.
Last week workers were told they could either take a 20 per cent pay cut, with 200 redundancies in the company, or the plant would be closed.
The company, which is the biggest in Waterford, is seeking up to 200 redundancies.
The IDA’s chief says pay cuts are preferable to the multinational leaving.
Workers have been told that there could be even further job losses if they don’t agree to wage slash.
Bausch and Lomb has said that “substantial cost reductions” are required at the plant.
Independent TD John Halligan said the Department had been aware of the issue for some time.
Fifty jobs have been created at a US financial services company in Dublin, while one of the south-east’s biggest employers has announced a €70 million investment in its Waterford base.