SIPTU will meet with staff again this morning at Bausch and Lomb in Waterford.
The union met workers at the plant last night to discuss proposals outlined in a document published by The Labour Relations Commission on behalf of management.
The company is now proposing staff take a core salary cut of 7.5%, lose an annual bonus worth 4%, work an extra hour a week, and a cut to sick leave entitlements.
They are also still seeking 200 redundancies from the 1,100 strong workforce.
SIPTU will ballot its members on these latest proposals before next Tuesday's deadline.
Alan O' Leary, sector organiser with the union says workers will need time to consider their options - but they are very aware of the alternative.
"There is a clear and present danger in relation to the jobs in Waterford," he said.
"We believe that there's a mix of issues in those proposals. We are disappointed with some of them."
He added: "We are now going to rapidly consult with our members and engage with our constituents over the following few days with a view to balloting our members in a secret ballot vote."