Insurance giant Aviva is planning to axe around 2,000 jobs from its UK, European and Asian workforce under cost-cutting plans.
The Norwich-based insurance group also announced that from next year, redundancy pay in the UK will be halved from four weeks per year of service to two.
Aviva said the job reductions were part of a programme to reduce costs across the business, including "substantial non-people related savings."
The company, which has previously announced it planned to reduce costs by more than £400 million, said in a statement: "Aviva has also communicated today that it has reviewed its employment policies and practices to ensure that they are effective and competitive in today's market environment.
"As a result, Aviva has decided to introduce a revised redundancy policy for all employees on UK contracts. This will bring Aviva's redundancy terms in line with market practice in the UK which will remain significantly above the statutory provisions.
"Importantly, the changes to redundancy terms will be implemented in two phases so that those impacted in the next six months will still receive the current four weeks' redundancy pay for each year of service. This is intended to minimise the impact on employees and follows consultations with Aviva employee forums and Unite."
Mark Wilson, Aviva's group chief executive officer, said: "I know this is difficult news for our employees but these changes are essential if we are to remain competitive.
"Aviva needs to become a more efficient and agile organisation to unlock its potential. We must take tough decisions on costs to provide our customers with great value products and ensure our future success. I am determined that Aviva gets through this phase of our business transformation as quickly as possible."
- Aviva Drive car insurance app reviewed
- 450 public sector jobs 'lost daily'
- Your rights in an unpaid internship