UK insurer Saga is set to slash around 300 jobs, prompted by the impact of the ongoing Covid-19 pandemic on its business.
The company has around 3,000employees across its three sites in Sandgate, Folkestone, and Ramsgate.
Reports suggest that the redundancies are part of the company’s effort to improve its efficiency in the wake of a challenging external environment in the insurance and travel sectors.
A Saga spokesperson has been quoted by Insuranceage as saying: “As part of our ongoing focus on improving efficiency within the business and against the backdrop of the continued suspension of travel due to Covid-19, we have started a process that will see a number of colleagues leave Saga.
“We appreciate this will be a difficult time for all of our colleagues and are focused on ensuring they receive all the support they need.”
Earlier in February, the firm had announced a round of job cuts following an internal review as part of an efficiency and cost saving operation.
Saga has reportedly started a consultation with the affected employees. Majority of the affected jobs are anticipated to be from the company’s travel division.
According to recent reports, US auto Insurer Allstate is also planning to lay off thousands of its employees in order to cut down costs.