The payment is also likely to close to new entrants as early as July.
The government is expected to begin reducing the Pandemic Unemployment Payment (PUP) in three phases from September.
It is understood the move has been agreed in meetings with government parties and is set to be finalised in a meeting between the Taoiseach, the Tánaiste and the leader of the Green Party.
The new National Economic Recovery Plan is set to be announced publicly as of Tuesday, the Irish Times reported on Monday.
It is understood that the PUP could also be closed to new entrants as soon as July.
The reduction of PUP rates will be staggered across three phases from September to February.
Under plans being considered by Government, those on the highest rate of €350 a week will be cut to €300.
Those who receive €300 per week will see it drop to €250. The lowest rate of €250 per week will also come down to be in line with the jobseekers’ allowance of €203 per week.
In the next phase, the €250 rate will also be brought down to €203, while those on €300 will fall to €250.
In the final phase, all recipients will be put on €203 per week.
The Emergency Wage Subsidy Scheme (EWSS) is also likely to be extended without change until the end of September.
Last month, Minister for Higher Education Simon Harris confirmed that the Government would be outlining a roadmap to begin removing emergency payments in June.
“Of course, our big job of work now, being quite honest with you, if you’re a student or not a student, whether you’re a young person or an old person, is to get people off emergency supports and get them back into work, because that’s what students want, students who have part-time jobs, and it’s also what people want in this country.
“I wouldn’t support any approach that would specifically target one group in society, I don’t think we should take a divisive approach of targeting one group over another.
“Of course though, just to be really clear, the government will have to outline a roadmap as to how we’re going to move from emergency payments across a whole range of areas over the coming months, and the government is intending to do that towards the end of this month.”
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