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P&V to slash 300 full-time posts over next four years

The insurance group P&V announced on Tuesday, during an extraordinary works committee meeting, a transformation business plan for the next four years. This, in particular, provides for the removal of 300 full-time posts between now and 2020.

P&V, however, does not envisage a collective redundancy situation but anticipates achieving this result “through natural wastage, internal promotion and final pay plans, all of this in consultation with its social partners.”

The insurer also intends to reform its pay policy. “Colleagues will be paid competitively, whilst managing costs,” the group goes on.

The group further states, “Discussions regarding this have begun with social partners today (Tuesday, editor’s note), so as to consider all possible solutions with them.”

The transformation business plan for P&V falls within the framework of an ever-changing insurance market.

The sector is indeed marked by the use of new technologies, but also by an environment in which yields are affecting profitability and constraining insurance companies to crack down on costs.

Coincidentally, the AXA Group announced, just last week a restructuring plan, leading to the removal of 650 positions over two years.

The Brussels Times