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Eletrobras / To cut 5,000 jobs in three-year

Brazilian state-run electricity utility Eletrobras expects to save 1 billion reais ($441 million) a year as a result of its employee buyout program, Chief Financial Officer Armando Casado de Araujo said on Monday.

The program will cost the company about 1.5 billion reais in severance costs, Araujo said in a conference call with analysts to discuss third-quarter earnings.

Eletrobras agreed in December to a government plan to renew expiring hydroelectric dam concessions in exchange for electricity rate cuts of between 18 percent and 32 percent.

The company posted a net loss of 915 million reais for the third quarter as it overhauled operations following the tariff reductions, according to a securities filing on Thursday.

Earlier this year, the company said it planned to cut 5,000 jobs as it embarks on a three-year turnaround effort aimed at slashing costs by 30 percent.

Chosen excerpts by Job Market Monitor. Read the whole story at 

FireShot Screen Capture #382 - 'Why Wal-Mart is hiring so many veterans- MSN Money' - money_msn_com_now_post_aspx_post=8d3e1f22-628e-4f97-9e71-73062e49623e

via UPDATE 1-Brazil’s Eletrobras expects job cuts to save $441 mln per year: Thomson Reuters Business News – MSN Money.

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