More than 500 workers at Shannon airport are to be presented with details today of a €35 million "survival plan" for the airport which involves the voluntary redundancy of 200 workers.

As part of the deal, the Dublin Airport Authority (DAA) is seeking cost cuttings of €10 million per annum.

Along with the voluntary redundancies, the DAA is seeking increased flexibility in work practices and rosters across all its divisions and is looking to exit completely from the airport's existing catering operations by outsourcing the work.

In the redundancy package, long-serving members of staff will receive lump-sum packages in excess of €100,000, while staff can also avail of pensions at 55.

There will be a €3 million fund set aside for the 300 staff that decide to stay with the company with each member receiving €10,000 each in exchange for increased flexibility at work.

As part of the agreement, no part of the airport's security operation will be outsourced, while franchisees and outsourcing companies will be required to recognise unions.

Siptu's national industrial secretary, Michael Halpenny, is expected to address a series of meetings with Siptu workers at the airport today. It is expected that the proposals will be put to a ballot over the next number of weeks.

The proposals were agreed between the DAA and airport unions after two intensive days of talks last Friday and Saturday under the auspices of the chief executive of the Labour Relations Commission (LRC), Kieran Mulvey.

The talks came at the end of a long-running process which began in September 2005. In the intervening 12 months the two sides held over 50 meetings without making any progress on the substantive issues.

At the start of October, the matter was referred to the LRC.

A spokeswoman for the DAA last night declined to comment on the fresh proposals.