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Centrais Eletricas Brasileiras SA To Cut 5,000 Jobs-Reuters

Tuesday, 9 Apr 2013 09:28pm EDT 

Reuters reported that Centrais Eletricas Brasileiras SA plans to spend BRL1.4 billion ($706 million) to cut 5,000 jobs as it embarks on a one-year reorganization of money-losing units aimed at slashing costs in the face of rate cuts, company officials said. The cost of the voluntary retirement program, which aims to cut the electricity company's 28,000 person workforce by 18%, will fall during 2013 with benefits being realized in 2013 and 2014, Jose da Costa Carvalho Neto, Chief Executive of the utility formally known as Centrais Eletricas Brasileiras SA.