The media reports that insurance giant PZU plans to lay off as many as 4,500 of its employees within the next three years.

This move will worsen the financial condition of the group before the planned debut on the Warsaw Stock Exchange. This is because the insurer will be forced to create reserves for redundancy payments.

According to initial estimates, this might reach zł.450 million. PZU does not want to comment on this figure.

"At present no final decisions concerning the details of the restructuring plan have been made," said company spokesperson Michał Witkowski.

PZU currently employs 15,000 people and the redundancies will cut staffing levels by a fourth.

Source: Rzeczpospolita; Parkiet