Brazil’s Eletrobras provides buyout to scale again over 2,300 jobs, a fifth of personnel

Brazil’s Eletrobras provides buyout to scale again over 2,300 jobs, a fifth of personnel

Brazil's Eletrobras offers buyout to cut over 2,300 jobs, a fifth of workforce
© Reuters. FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities firm, is displayed on a display veil on the ground at the Modern York Stock Change (NYSE) in Modern York, U.S., April 9, 2019. REUTERS/Brendan McDermid/File Photo

SAO PAULO (Reuters) – Brazil’s electricity firm Eletrobras equipped on Friday a voluntary buyout to neatly over 2,000 folk representing roughly 22% of its personnel, in a indispensable indispensable set apart cutting transfer following its privatization.

Centrais Eletricas Brasileiras SA, as the firm is formally identified, said the voluntary layoff program will apply to 2,312 workers and can set apart as a lot as 1 billion reais ($189 million). On the live of June, the firm had 10,508 workers.

Electrobras said the offer incorporated money funds a lot like just a few years’ healthcare, a 300 and sixty five days of meals motivate, and 9 months’ salary, to boot to a compensation companies must pay out in circumstances of unjustified dismissal.

The transfer is a component of a indispensable overhaul after the Brazilian executive privatized its largest utility by procedure of a 33.68 billion-precise ($6.54 billion) offering, and brought serve its aged chief executive Wilson Ferreira Junior to the firm’s helm..

In a securities submitting, Eletrobras said the program is a measure to streamline its charges and costs and it expects to recoup the money it spends in around 11 months.

($1 = 5.2949 reais)