Insurance conglomerate Great-West Lifeco plans to lay off 1,500 Canadian workers this year and next year as part of a cost-cutting plan. "Reductions will come from reducing the temporary workforce, a voluntary retirement program and eliminating positions through a severance program," the Winnipeg-based company said in a release, citing changing technology and heightened competition to justify the changes. "These are difficult but necessary decisions that we are not taking lightly," CEO Paul Mahon said. Almost a third of the job cuts, or 450 positions, will come from the company's Winnipeg headquarters, a spokesperson told CBC News. After that, Great-West says the moves announced on Tuesday will save the company about $200 million a year, before taxes.

Source: CBC News April 25, 2017 12:28 UTC