Job cuts for AXA PPP

Despite some positive reports that people are still renewing and buying health insurance policies there are also reports that the industry is also suffering during the current recession. Overall the results show that companies are tightening their belts. For Axa PPP part of the solution is asking their staff how they would prefer to weather the storm.

According to Reuters, on Monday of this week Axa gave staff the choice of: a 10% increase in working hours with no extra pay, 300 or more job cuts, a 2-3 suspension of bonuses or a 10% across the board salary cut.

In an emailed statement a representative said:

'We at Axa PPP Healthcare are trying to find ways to reduce our operating costs in light of the challenging current economic climate, and as a part of this, we have been asking our employees for their views on a number of steps we might take to help achieve this.'

We have a strong experienced team at Axa PPP, and we are not looking to have to make redundancies.'

It is thought however that the UK division is looking to cut 560 jobs. It remains to be seen what the feedback from the Axa PPP staff was and how they will cope with the new suggestions. It is well documented that workplace stress is responsible for high levels of depression. Earlier this year other medical insurance companies were faced with the same predicament: Legal & General made 560 people redundant in May and Aviva unveiled plans to cut 1,690 jobs in April.