SIPTU will ballot it's members before Tuesday on proposals put forward by management through a document publish by The Labour Relations Commission.
The company continues to seek 200 redundancies in an effort to save 20 million euro a year.
While the 900 remaining staff are being asked to take a 7.5 per cent pay cut.
Bausch and Lomb had previously warned that if savings weren't made, the company would have to close it's Waterford plant.
