Cigna Layoffs Job Cut: fires 1100 employees: Finance Trading Times

Cigna Layoffs Job Cut: fires 1100 employees

The situation is worsening further for the all sectors and the new year is proving to be no good for any employees or any company. The latest one to add to that list is Cigna, which is going for the layoffs in this year i.e. 2009. It is learnt that these layoffs may be done to save costs. Cigna Layoffs

How many employees may be fired in the Cigna layoffs?
Around 1100 employees will be fired by the Cigna. That will be around 4% of its entire global workforce.

What is the primary reason for Cigna layoffs?
The reason quoted by the company is due to the worsening economic situation. It is also learnt that its competitor, Aetna Inc. has plans to eliminate 1000 employees so that means the entire sector is witnessing the problems.

When will Cigna layoffs happen?
The layoffs will be done sometimes in the middle of the year - i.e. in May-July 2009.

Any compensation package for the affected employees of Cigna layoffs?
The affected employees who will be losing jobs will be eligible for severance benefits and outplacement support.

What are the latest financial results of Cigna ?
Cigna posted a 53% drop in third-quarter profit, trimmed its enrollment and earnings forecast for 2008, and projected further enrollment declines for 2009, citing competitive and economic pressures.
Let's hope that alternative jobs are available to the affected employees of Cigna Layoffs Job Cut.
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2 Comments: Post your Comments

Unknown said...(on 13 January 2009 at 17:45 )  
This comment has been removed by a blog administrator.
Anonymous said...(on 31 January 2009 at 09:30 )  

As of February 4th or 5th, there will be layoffs in the bourbonnais illinois office.
the Ireland office has been closed
the memphis office also closed.

Employers who have insurance benifits, and have layoffs will effect the insurance companys as the cobra insurance terminates.

The fewer insured member will equal fewer staffed insurance companies

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