(Reuters) - Canadian insurance company Great-West Lifeco Inc (GWO.TO) 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 cuts.
“To ensure we remain competitive and drive future growth, we are reducing costs and becoming more efficient,” Chief Executive Paul Mahon said. [nCNWljk0Xa]
The company also said it plans cost reductions through real estate consolidation, process improvements and updates to information systems.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta