Brazil’s Petrobras Aims to Cut Up to 12,000 Jobs

2 Apr 2016   Brazil

Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed-up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs. Petrobras said the program, which is being offered to all employees regardless of age or level of seniority, is likely to cost 4.4 billion reais ($1.2 billion) and could save up to 33 billion reais through 2020. The program is wider in scope than a similar layoff program offered last year, and the cost and savings could fluctuate depending on how many employees take the offer, the company said. Petrobras has been making cuts across the board, reducing its once-ambitious investment plan and listing assets for sale as it tries to cope with low oil prices and a massive corruption scandal. Earlier this […]

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