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NKSJ Holdings Inc To Cut 4,800 Jobs At Two Nonlife Insurance Subsidiaries By FY 2015-DJ

Monday, 19 Nov 2012 05:34am EST 

Dow Jones reported that according to Kyodo News, NKSJ Holdings Inc will cut 4,800 jobs, about 15% of its 30,000-strong workforce, at its nonlife insurance subsidiaries Sompo Japan Insurance Inc. and Nipponkoa Insurance Co. by fiscal 2015 through March 2016. The insurance group decided on the management plan to increase business efficiency by cutting jobs and integrating business bases as the two insurers plan to merge in the first half of fiscal 2014. NKSJ will carry out two thirds of the planned personnel cuts through natural attrition by age limit retirement and recruitment cutbacks and the rest through voluntary retirement and temporary transfers of employees in its corporate group. The holding firm aims to merge the two insurers in September 2014 and plans to decrease the number of business bases across the country to 120 at that time from the current 176. 

Company Quote

139.0 +5.33%
31 Oct 2014