NORWICH Union is seeking up to 30 redundancies as part of a drive to cut overheads by 20 per cent. One regional office will close, while the closure of at least one other is being examined.
Unions at the company, which employs 500 people, met last night to discuss the proposals. The redundancy package, which will be voluntary, is said to include six, weeks' pay for every year of service.
Last year, management consultants from Coopers & Lybrand spent eight weeks examining all aspects of the company's business in Ireland. The redundancies are being sought as part of recommendations by the consultants.
A spokeswoman for Norwich Union said last night that the staff reductions would be achieved through a combination of natural wastage and voluntary redundancies. She said one branch office in Tralee would be closed, but that no decision on the Kilkenny branch had been taken.
Norwich's move to become more competitive and cut costs is seen as a prerequisite to a flotation. In Britain it is the second-biggest mutual insurance company on the stock market and will be floated in the spring.
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