July 4
AXA Insurance let 120 staff go in Dublin
Following the recent Hibernian announcement there has been another hammer blow for the Insurance Sector with the announcement that AXA Insurance will let 120 jobs go in Dublin. Although these will be voluntary it is still bad news for the sector. This news does not shock many in the sector as they have been aware of plummeting turnover for the company in the last 3 years. Some estimates say that this has been up to 40%.
AXA has also announced that it plans to restructure its internal pay scheme. It is recognised that AXA has been one of the better payers in the sector but this will mean those staying with the company who may have to take a pay reduction.
I also noted in the Indo that the North is not escaping job loss. A County Down based company ToughGlass has announced 60 compulsory redundancies. This will mean that over half of the workforce will be made redundant. Trading conditions have been put forward as the reason for staff reduction with a sharp fall in demand for product.
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