US:Pacific Life Insurance lays off employees due to pandemic

Nearly 300 employees from Pacific Life Insurance in the US were laid off last week in light of the ongoing coronavirus pandemic and low interest rates. Around 7% of the company's total workforce was retrenched with affected employees being offered a severance package and job placement support, reported Los Angeles Times.

A statement from the insurer said, “The coronavirus pandemic, the current sustained low interest rate environment and our strategy to improve operational efficiency have created a need to readjust internal resources.”

The insurer’s spokesperson Jesse Page also said that the action mainly affects employees in the Orange County region but will also affect employees in other parts of the US.

While most of the layoffs were immediate and happened last week, a small portion of the workforce will be retrenched in the fourth quarter of this year and the first quarter of 2021. 

Source: Asia Insurance Review