CBA said it will save $6.2 billion by cutting the number of workers on its payrolls and $1.6 billion by eliminating a $300 million fund that helps companies hire workers.
The agency said it would also reduce its annual spending on healthcare, pensions, and other expenses.
The savings would be offset by the elimination of $1 billion in retirement benefits and the elimination or reduction of tax deductions for businesses, the company said.
The company also said it was eliminating an employee benefit fund and cutting more than $3 billion in employee compensation costs.CBA said its workforce will lose $3.3 billion and that it will eliminate approximately 2,500 positions by 2019, the biggest cut in the company’s workforce since it entered into a new workforce contract with Congress in 2018.CBI said it is also making “significant changes” to the way it manages its workforce to reduce the number and scope of job losses and help retain and retain top talent.CBD candy is infused with CBD, a cannabinoid from the cannabis plant.
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The move is expected to save the CBA $2.4 billion.CBS reported that the company had more than 13,000 full-time and part-time employees as of March 30, 2018, up from about 11,000 employees a year earlier.CBN News will provide the full statement from CBA in the near future.