April 25 Canadian insurance company Great-West
Lifeco Inc said on Tuesday it will cut 1,500 jobs in
Canada over the next two years.
The job cuts represent about 13 percent of the company's
Canadian workforce. Great-West Lifeco plans to cut the jobs
through reducing temporary positions, a voluntary retirement
program and eliminating positions through a severance program.
The company said it will record a restructuring charge of
about $215 million in the second quarter, related to the job
"To ensure we remain competitive and drive future growth, we
are reducing costs and becoming more efficient," Chief Executive
Paul Mahon said.
The company also said it plans cost reductions through real
estate consolidation, process improvements and updates to
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak