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U.S. markets recover from steep losses
PHILADELPHIA, Jan. 6 (UPI) -- U.S. insurance giant CIGNA Corp. said it would eliminate about 1,100 jobs and freeze wages for salaried employees throughout 2009 due to the economy.
The company said merit raises would be reserved only for hourly workers this year.
"Given the unprecedented economic situation we and our customers are facing, these actions are essential to ensure we can meet their needs for high value," CIGNA Chairman and Chief Executive Officer H. Edward Hanway said in a statement, The Hartford (Conn.) Courant reported Tuesday.
The job cut is a 4 percent reduction of the company's global workforce of 28,000 employees. However, in a federal filing, CIGNA said it would continue to assess its situation and there may be additional layoffs.
About 100 of the positions to be cut involve overseas jobs, company spokesman Chris Curran said.
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