Co-op insurance arm to axe 2,000 jobs

The
Co-op’s insurance service has announced that it is to cut 2,000 jobs over the
next two years.

The
Co-operative Insurance Society (CIS), which is based in Manchester, said 2,500
jobs would be lost in the 18-24 months in a restructuring designed to modernise
the business. However, 500 new customer service positions are to be created.

The society,
which is more than 100 years old, said it was responding to substantial changes
in the market to ensure its future profitability.

The
five trade unions representing staff at CIS – ACTS, Amicus, NACO, Unifi and
Usdaw – have met with chief executive Mervyn Pedelty to discuss the
restructuring.

In a
joint statement they said, "The joint trade unions expressed deep
disappointment at the scale of the proposed job losses, and registered their
opposition to compulsory redundancies.

“They
stated that their aim was to minimise job losses and maximise the use of
measures such as redeployment, retraining opportunities and, where appropriate,
voluntary redundancies.

“The
joint trade unions also vowed to protect terms and conditions of employment and
pensions for those staff who remain in the business."

By
Daniel Thomas

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