Centrais Eletricas Brasileiras SA, as the company is formally known, said the voluntary layoff program will apply to 2,312 employees and will cost up to 1 billion reais ($189 million). At the end of June, the firm had 10,508 workers.
Electrobras said the offer included cash payments equivalent to three years’ healthcare, a year of food aid, and nine months’ salary, as well as a compensation companies must pay out in cases of unjustified dismissal.
The move is part of a major overhaul after the Brazilian government privatized its largest utility through a 33.68 billion-real ($6.54 billion) offering, and brought back its former chief executive Wilson Ferreira Junior to the company’s helm..
In a securities filing, Eletrobras said the program is a measure to streamline its costs and expenses and it expects to recoup the money it spends in around 11 months.
($1 = 5.2949 reais)
Source: Economy - investing.com
