Connect with the definitive source for global and local news. Kenworth Will Layoff Over 350 People Dropping Build Rates, Breaking Serious Crash One Entrapped in Hocking County, Funeral Services for Pike County Homicide Victim. Email notifications are only sent once a day, and only if there are new matching items. CHILLICOTHE, Ohio Widespread layoffs have been issued at Kenworth in Chillicothe. Genworth Financial Inc. has told some of its employees that their positions have been eliminated, after the company's long-awaited merger with China Oceanwide Holdings Ltd. was put on hold indefinitely. Genworth sells both long-term care insurance that covers the costs of nursing home or at-home care, and home mortgage insurance covering defaults on home loans. Operating income for Genworth has increased over that past three years. In a story Feb. 6 about layoffs at Genworth Financial Inc., The Associated Press , https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/genworth-announces-job-cuts-in-wake-of-stalled-merger-62203732, Jan 20, 2021 Company spokesperson Julie Westermann in an email to S&P Global Market Intelligence confirmed the layoffs , which were first reported by the , https://newsadvance.com/business/genworth-layoffs-announced-in-lynchburg-elsewhere/article_7f2deee6-cf51-11e2-96b4-0019bb30f31a.html, In addition to the layoffs , 150 open positions will not be filled, bringing the number of affected jobs to 400, or nearly seven percent of Genworths 5,840 , https://www.wtvr.com/news/local-news/genworth-financial-notifies-workers-about-job-cuts, Jan 20, 2021 HENRICO COUNTY, Va. Virginia-based insurance giant Genworth Financial has begun notifying some of its workers that their jobs are being , https://richmond.com/business/genworth-financial-cutting-95-jobs-from-its-henrico-county-corporate-headquarters-operations/article_227b5627-0b40-5e13-b683-7318547e5fbc.html. Operating income for Genworth has increased over that past three years. Save my name, email, and website in this browser for the next time I comment. Jan 26, 2021 Insurance company Genworth Financial Inc. is laying off 95 employees from its corporate headquarters operations in Henrico County. Genworth has thousand of employees in Virginia, mainly in the Richmond and Lynchburg areas. Genworth Financial Inc.'s corporate headquarters are shown in Henrico County. Kenworth for months has assembled trucks without the chips and parked them on the Ross County Fairgrounds and on their lot with the plan to insert the trucks back into the assembly line after needed chips are acquired. Genworth Financial Inc.s corporate headquarters are shown in Henrico County. The semiconductor (chip) shortage was spurred by chip manufacturers overseas who pivoted toward consumer electronics during the worst of the pandemic as truck and auto sales swooned. HENRICO COUNTY, Va. -- Virginia-based insurance giant Genworth Financial has begun notifying some of its workers that their jobs are being cut after a proposed merger with a China-based investment firm was delayed. 2019 Annual Report (PDF 9.83 . February 01, 2022 04:45 PM Eastern Standard Time. Market Intelligence It was unknown how long this round of layoffs would last. The company reported, October 2016: Genworth agreed to be acquired by, Genworth Financial Inc. the effect on the city is 2% of earnings during the period they are laid off. She did not reveal the number of positions that were eliminated. Earlier this month, United States President Joe Biden answered a question from the Guardian regarding the chip shortage. ROSS COUNTY, Ohio --- The Ross County Prosecutors Office reported that 21 cases were presented to the grand jury this week, and all 21 were returned. Genworth had committed to contribute $175 million, through an intermediate holding company, to GLIC. Can I Be Laid Off While On Workers Compensation? Its life insurance business posted a fourth-quarter 2015 net operating loss of $173 million, compared with income of $1 million in 2014, and . Genworth Financial has announced the layoff of about 80 employees35 . The proposed job cuts follow by two weeks word from company president and CEO Thomas McInerney to investors and analysts on a Jan. 5 conference call that the company would look to cut costs after the merger deal with China Oceanwide Holdings had been put on hold. https://www.indeed.com/cmp/Genworth/reviews?fcountry=US&floc=Richmond%2C+VA, Company experiencing a financial strain and laid off workers. CFRA analyst Catherine Seifert downgrades Genworth Financial ( GNW +5.4%) to Hold from Buy, citing the reduced likelihood that its merger with Oceanwide Holdings will be completed and "mounting. Layoffs : Downsizing related discussion, postings, Topics regarding layoffs at Genworth Financial Inc. LYNCHBURG, Va . Save my name, email, and website in this browser for the next time I comment. We also expect national home prices to rise by 5% in 2021. PACCAR said the trucks in Ross County, numbering in the hundreds, will sit parked until the parts become available. The . In 2018, the firm was losing money, and by 2020 net income was more than $432 million. The move comes a couple of weeks after Genworth revealed that the "end date" of its merger agreement with China Oceanwide has not been extended. In addition, registered users can also sign up for email and text notifications, elect to go paperless, assign a delegate for your policy and much more. Business Outlook. While the parent company PACCAR did not release an official statement, employees said the layoffs will go into effect two weeks from today on September 10. Instead, it will be distributing these products direct to consumers and through affinity and association programs and other distribution channels. Layoffs : Downsizing related discussion, postings, questions and answers. We regret the impact this will have on our colleagues and their families. The News & Advance reported Monday that Genworth , https://www.glassdoor.com/Reviews/Genworth-Reviews-E34925.htm, 6 days ago 718 Genworth reviews. Jan 26, 2021 Insurance company Genworth Financial Inc. is laying off 95 employees from its corporate headquarters operations in Henrico County. Layoffs TheLayoff.com, Can You Be Laid Off While On Medical Leave, Can A Company Find Out If You Were Laid Off, Can You Say You Were Laid Off Instead Of Fired, Can You Go On Disability After Being Laid Off, Can You Be Laid Off While On Short-Term Disability. The. genworth layoffs 2021 +1 (760) 205-9936. (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). All rights reserved. The Guardian reached out to PACCAR for a statement about the layoffs but did not hear back. In 2021, Genworth employees donated well over $1.1 Million to non-profit organizations around the globe. Employee Giving Genworth is committed to reducing the impacts on the environment associated with our business activities and to implementing best practices to support environmental sustainability. Feb 4 , https://www.wtvr.com/news/local-news/genworth-financial-notifies-workers-about-job-cuts, Jan 20, 2021 HENRICO COUNTY, Va. Virginia-based insurance giant Genworth Financial has begun notifying some of its workers that their jobs are being , https://6figr.com/layoffs/Genworth-Financial, Jun 27, 2022 Genworth Financial reportedly laid off last on August 30, 2016. GMA recorded a combined ratio of 175% in 2020 (2019: 86%) and a net loss of AUD108 million . 08/27/2021. Please enter your username or email address to reset your password. The company repurchased $146 million and $14 million principal amount of Genworth Holdings, Inc.'s (Genworth Holdings) senior notes with 2021 maturity dates for a pre-tax gain (loss) of $(4 . PACCARs first quarter 2021 truck deliveries were estimated at approximately 42,000 vehicles, compared to 40,800 vehicles delivered in the fourth quarter of 2020. https://richmond.com/business/genworth-financial-cutting-95-jobs-from-its-henrico-county-corporate-headquarters-operations/article_227b5627-0b40-5e13-b683-7318547e5fbc.html. Genworth sells both long-term care insurance that covers the costs of nursing home or at-home care, and home mortgage insurance covering defaults on home loans. More than four years after it was first announced, Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended September 30, 2021. The Guardian reached out to the White House on Thursday for comment about the layoffs. Sign up for our newsletter to keep reading. Genworth has thousands of employees in Virginia, mainly in the Richmond and Lynchburg areas. Feb 3, 2021 Richmond-based insurance company Genworth Financial is laying off 95 employees, effective March 27. Henrico County-based Genworth is temporarily suspending the sales of individual long-term care insurance and income Assurance Annuity products through brokerage general agencies. Frequently Asked Questions Is Genworth Financial in trouble? Genworth Financial Inc. has told some of its employees that their positions have been eliminated, after the company's long-awaited merger with China Oceanwide Holdings Ltd. was put on hold indefinitely. This material may not be published, broadcast, rewritten or redistributed. May 27, 2016 Feb 16, 2022 Finance Manager, Richmond , VA . The closing of the acquisition has since been delayed 17 times, mostly as Genworth sought approval for the deal from numerous state and federal government insurance regulators. This rate an be influenced by a number of factors such as variation in samples, different sample sizes, and newly-surveyed providers. RICHMOND, Va. - Insurance giant Genworth Financial has started notifying some of its workers that their jobs are being cut after its planned merger with a China-based investment firm was delayed. Genworth Financial and China Oceanwide Holdings Group Co. can't seem to put the finishing touches on their agreement for Oceanworth to buy Genworth, a $2.7 billion cash deal that was . RICHMOND, Va.-- ( BUSINESS WIRE )--Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended December 31, 2021. Fewer jobs equal fewer taxable dollars . Jan 20, 2021 A spokeswoman for Genworth , which has thousand of employees in Virginia mainly in the Richmond and Lynchburg areas, confirmed on Wednesday Genworth - Constant Layoffs | Glassdoor The company didnt say how many workers would be eliminated, or when the cuts would occur. August 4, 2020. Genworth Financial Inc. is bracing for a dire economy -- 10 percent unemployment, an additional 13 percent drop in home prices and declines of 15 percent or more in the 2021 Annual Report (PDF 9.70 MB) 2020: Annual Report. Mar 11, 2019. Copyright 2021 The Associated Press. Login/Register /marketintelligence/en/news-insights/latest-news-headlines/genworth-announces-job-cuts-in-wake-of-stalled-merger-62203732 Now the company says it will lay off at least 350 employees. Get up-to-the-minute news sent straight to your device. We will continue to sell group long term care insurance through our traditional channels, Westermann said. Genworth Financial Inc. Genworth president and CEO Thomas McInerney told investors and analysts on a conference call on Jan. 5 that the company would look to cut costs after the merger deal was placed on hold. Pros. This rating reflects the overall rating of Genworth and is not Jul 7, 2022 Financial Analyst. RICHMOND, Va., Feb. 28, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that its wholly owned subsidiaries Genworth Financial International . ROSS - Kenworth has been working hard to keep employees working since the chip shortage has caused the company to park semis in an effort to keep but employees and the company moving forward. Genworth Financial noted that it is focusing on executing its contingency plan, including a potential partial IPO of the company's U.S. Mortgage Insurance business, designed to meet its near-term . Employees in good standing can apply for any open position at Genworth. 0 Comments. On October 28, 2021, Genworth Financial, Inc. announced that Ward E. Bobitz will resign as Executive Vice President and General Counsel, effective December 31, 2021, but will remain employed with the Company in an advisory role through June 30, 2022 to ensure a smooth transition to a new General Counsel. News Releases. CHILLICOTHE, Ohio Widespread layoffs have been issued at Kenworth in Chillicothe. I know they are [sitting in lots]. As part of the. According to a source, the layoffs will start on September 10, 2021, and it is unknown how long it will last. According to employees, the layoffs at the factory known for making semi trucks will impact anyone hired since April 2020; the factory is the second largest employer in Ross County. https://www.wric.com/business/genworth-laying-off-95-richmond-area-employees/. RICHMOND, Va., Nov. 1, 2021 /PRNewswire/ -- In a year of critical healthcare needs, COVID-19 complicated caregiving, but the factors driving an accelerated need for care were largely the same as. Published by at June 13, 2022. Layoffs - TheLayoff.com China Oceanwide agreed in October 2016 to acquire Genworth for $2.7 billion, or $5.43 per share. Investors. 2020 Annual Report (PDF 11.43 MB) 2019: Annual Report. This is a gigantic, gigantic issue.. The layoffs were announced at plant-wide meetings on Thursday. Can I Be Laid Off While On Workers Compensation? Can You Get Laid Off While On Maternity Leave, Can Laid Off Union Workers Collect Unemployment, How Long Does Insurance Last After Being Laid Off. As of the end of 2021, Genworth now projects that the LTC premium increases and benefit reductions achieved since 2012 have improved the legacy LTC portfolio by $19.6 billion on a net present. China Oceanwide agreed in October 2016 to acquire Genworth for $2.7 billion, or $5.43 per share. Weve done so much overseas thats weve lost control of so much of our economy. If workers have 1-to-2 dependents and have weekly wages of over $1,074, the maximum benefit amount they may earn is $537. Breaking and Entering suspect arrested in Athens Co. 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The company didnt say how many workers would be eliminated, or when the cuts would occur. The company announced significant headcount reductions by end of the week to get a $50 mm savings. On October 28, 2021, the Company also announced that Pamela M. Harrison will resign as Executive Vice President and Chief Human Resources Officer, effective December 31, 2021, but will remain with the Company through that date to ensure a smooth transition to a new Chief Human Resources Officer. Now the company says it will lay off at least 350 employees. Genworth Mortgage has 525 employees in the U.S. with around 300 working in Raleigh, according to securities filings. Genworth Financial Inc. shares declined after the company postponed a planned initial public offering for its Enact Holdings Inc. unit, citing volatility in the mortgage-insurance market. (Copyright 2021 The Associated Press. The plan was initiated so that the company, among other things, could meet its near-term liabilities of approximately $1.0 billion of debt due in 2021. latest-news-headlines This rating reflects the overall rating of Genworth and is not affected by , https://legacy.film/tq0da/genworth-layoffs-2021, +. Ms. Hagerman has been a Human Resources leader at the Company since 2014 and has served as the HR leader for Corporate & Investments and Talent Acquisition teams since 2018. genworth layoffs 2021. If there are 350 people making an average of $50,000, that is 350, multiplied by 50,000 multiplied by 2%, equals $350,000 loss over the course of a year.. According to the state, the maximum unemployment benefits amount a Kenworth employee can earn if they do not have any dependents and have weekly wages of over $886 during the base period, is $443. Company spokesperson Julie Westermann in an email to S&P Global Market Intelligence confirmed the layoffs, which were first reported by the Richmond Times-Dispatch. GENWORTH FINANCIAL INC : Change in Directors or Principal Officers (form 8-K), Genworth Financial Receives Ratings Upgrade from Moody's. 2021: Annual Report. Visit Genworth.Com. Fitch expects Australia's GDP to grow by 4.7% in 2021 following a 2.4% contraction in 2020, while the unemployment rate is expected to average 6% in 2021 and improve to 5.4% in 2022 (2020: 6.5%). Working at Genworth in Richmond, VA: 130 Reviews Indeed, Genworth Financial notifies workers about job cuts WTVR.com, Genworth Financial will layoff 200 in Lynchburg, 70 in Richmond, Genworth Financial cutting 95 jobs from its Henrico County , Henrico-based insurer Genworth Financial notifying , US insurer Genworth Financial notifies staff of layoffs, Genworth begins telling some workers their jobs will be cut, Genworth Financial to layoff dozens of employees NBC12, Genworth Financial Inc. The affirmations also consider the April 6, 2021 announcement that the Genworth life companies' parent, Genworth Financial, Inc. (Genworth), had terminated its merger agreement with China Oceanwide Holdings Group Co., Ltd. (Oceanwide). Published: Jan. 20, 2021 at 7:42 PM PST RICHMOND, Va. - Insurance giant Genworth Financial has started notifying some of its workers that their jobs are being cut after its planned merger with. We are used to layoffs, we want to thank Kenworth for keeping us employed by parking trucks instead of laying us off at the beginning of the year when we first felt the chip shortage, said an employee. Recent Releases; Archive; Financials & Reports. https://www.lifeinsuranceinternational.com/news/us-insurer-genworth-financial-notifies-staff-of-layoffs/, Jan 21, 2021 According to the Richmond Times-Dispatch, the redundancies follow an indefinite delay in Genworths planned merger with a China-based investment , https://www.nbc12.com/2021/01/21/genworth-begins-telling-some-workers-their-jobs-will-be-cut/, Jan 20, 2021 RICHMOND , Va . Genworth Financial Inc. The deal, which originally was announced in October 2016, was expected to close by Dec. 31, 2020, but missed that date because of issues surrounding the completion of final steps. The company reported net income 2 of $163 million, or $0.32 per diluted share, in the fourth quarter of 2021, compared with net income of $267 million, or $0.52 per diluted share, in the fourth quarter of 2020. Several hundred Kenworth trucks have already been manufactured and sit idle on land at the Ross County Fairgrounds. Its important to note that, The provider of mortgage and long-term care insurance based in Richmond, Virginia, said Tuesday that. Some of them contacted the Guardian asking how they could apply for unemployment, or if they were qualified for the benefits. Among the COLUMBUS, Ohio --- The Ohio Department of Natural Resources (ODNR) Division of Wildlife will release 84,000 rainbow trout in 88 lakes and ponds starting on March 16, 2023. CHILLICOTHE, Ohio --- A Chillicothe man was sentenced to prison this week for charges related to the sexual assault of a child. Jan 26, 2021 Insurance company Genworth Financial Inc. is laying off 95 employees from its corporate headquarters operations in Henrico County. His resignation as an executive officer and termination of employment will trigger payments to him, vesting acceleration of certain equity awards and retirement benefits pursuant to the previously disclosed terms of the Company?s Key Employee Severance Plan. The Richmond Times-Dispatch reports a spokeswoman for Genworth confirmed on Wednesday that the company is starting to notify employees of job reductions. Categories . The reason the trucks are there is because the company lacks a microchip to make the trucks road-worthy. ROSS Kenworth has been working hard to keep employees working since the chip shortage has caused the company to park semis in an effort to keep but employees and the company moving forward. The chip shortage is a worldwide problem, causing layoffs and shortages across the US in electronic devices. Genworth announces job cuts in wake of stalled merger, Insight Weekly: TMT deals plunge; bank analysts cut 2023 outlook; US retail sales rebound, Infographic: The Big Picture European Outlook 2023, The Pipeline: M&A and IPO Insights | There will be better days for investment banking. LYNCHBURG, Va. (AP) _ Genworth has announced the layoff of about 80 employees, including 35 in Lynchburg. Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended June 30, 2021. What is the financial status of Genworth? Sep 20, 2021, 16:17 ET. Upon Ms. Harrison?s resignation, it is expected that Melissa Hagerman will be appointed Executive Vice President and Chief Human Resources Officer. A spokeswoman for Genworth confirmed on Wednesday that the company is starting to notify employees of job reductions, the Richmond Times-Dispatch reported. CEO Approval. Genworth to lay off about 80 employees, including 35 in Lynchburg. esgSubNav, Discover more about S&P Globals offerings, Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. A spokeswoman for Genworth confirmed on Wednesday that the company is starting to notify employees of job reductions, the Richmond Times-Dispatch reported. Mr. Karawan has been serving as a Vice President of the Company since June 2008 and as General Counsel of the Company?s U.S. Life Insurance segment since January 2007. Job stable, work life balance, nice benefit. "This is not something we take lightly and we are committed to providing affected colleagues with the utmost care, compassion and support during this transition," Westermann said in the email. Westermann provided no other details on the layoffs, "out of respect for our colleagues who are losing their jobs.". The company will continue to build Trucks without chips but at a much slower rate than they have this year. Can I Be Laid Off While On Workers Compensation? During the 2020 plink slip express, the plant was idled for two weeks to prepare for the layoffs. ), Genworth begins telling some workers their jobs will be cut, Youngkin signs universal license recognition law at Richmond barber shop, National Park Service says never push a slower friend down when escaping a bear, V.D.O.T to conduct lane closures on I-95 north in Henrico, New information released by police in Hopewell double homicide, 17 after 7:30 policy now in effect at Richmonds Movieland, Petersburg Public Schools announce 2023 Division Teacher of the Year. Jan 26, 2021 Insurance company Genworth Financial Inc. is laying off 95 employees from its corporate headquarters operations in Henrico County. The company reported net income 4 of $240 million, or $0.47 per diluted share, in the second. The average new-hire at Kenworth takes home approximately $2,600 a month, according to paystubs. Recommend. You have permission to edit this article. Genworth Financial, Inc. (NYSE: GNW) today reported results for the quarter ended March 31, 2021. Genworth Financial has announced the layoff of about 80 employees35 are in Lynchburg, 21 are in Richmond and the rest are remote workers. The layoffs are a result of company restructuring after poor fourth-quarter results, suspending "sales" of two business units traditional life insurance and fixed-annuity products to address. This material may not be published, broadcast, rewritten or redistributed without permission. Give Light and the People Will Find Their Own Way. https://www.thelayoff.com/genworth-financial, Layoffs tomorrow 2/5. The layoffs were announced at plant-wide meetings on Thursday. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Independent Contractor (Newspaper Carrier), Couple chooses Lynchburg region for move, starts over, After School Satan Club hosts movie night at Jefferson Forest, Police: Girl dies after Lynchburg shooting, Amherst home a country-style Airbnb for short-term stays, Campbell County public schools superintendent announces retirement, Rustburg man dies after Campbell County crash, Bedford County Animal Shelter receives estate donation, Something lurking in seashells may give Outer Banks beachgoers a scare, park warns, Lynchburg man pleads guilty to second-degree murder in Appomattox shooting death, Bella Vista Hotel & Suites, formerly the Kirkley Hotel, now open in Lynchburg, Man dead after standoff with police at Red Roof Inn in Charlottesville, Nebraska cheerleader competes by herself at state competition, but crowd doesn't let her feel alone, Letter to the editor: School board conduct, Lynchburg police: Investigation continues in shooting death of 12-year-old, Mills' hot 3-point shooting spurs late LCA surge, helps Bulldogs capture Region 3C crown, Deadline extended again for China-based investment company to acquire Genworth, Global race is on to improve EV range in the cold, Moscow reportedly threatened new parents in Ukraine: Register your newborns as Russian or else, The impact of climate change will be felt worse in these three U.S. cities, Scientists reveal hidden corridor in Great Pyramid of Giza. Compound Annual Growth Rate based on Genworth Cost of Care Surveys conducted from 2017 to 2021. On October 28, 2021, Genworth Financial, Inc. announced that Ward E. Bobitz will resign as Executive Vice President and General Counsel, effective December 31, 2021, but will remain employed with the Company in an advisory role through June 30, 2022 to ensure a smooth transition to a new General Counsel. The Virginia Employment Commission (VEC) Warn Notice was published Jan.. RICHMOND, Va., Sept. 20, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that it has successfully completed the initial public offering (IPO) of . There was a problem saving your notification. A Retired bus driver for Western Pike Local Schools, BREAKING: Rollover Crash in Ross County, One Person Leaves Scene as Law Enforcement Arrives, Ross County Paint Valley Schools Field House Damaged in Severe Weather Storm, Ross County Two People Cited After Vehicle Crash, Circleville Man Shot and Killed at Sheetz Gas Station in Columbus. The layoffs follow the disclosure that Genworth was stopping further sales of its money-losing life and annuity products, and focusing instead on its profitable long-term care and mortgage insurance lines. Our commitment to helping Americans address the financial challenges of aging remains as strong as ever, and we look forward to bringing new products and services to market that will enable people who need care as they age live their lives as they wish, how and where they prefer to receive that care.. Terms & Conditions! https://newsadvance.com/business/local/genworth-financial-a-major-lynchburg-employer-notifying-employees-of-job-cuts/article_c1283eef-3ef4-5cbe-83b7-3129d711ff0f.html, Jan 21, 2021 Genworth Financial Inc. has started notifying some employees that their jobs are being eliminated after the companys planned merger with a , https://newsadvance.com/business/genworth-layoffs-announced-in-lynchburg-elsewhere/article_7f2deee6-cf51-11e2-96b4-0019bb30f31a.html, Genworth Financial announced Thursday it would lay off 39 people across multiple departments in Lynchburg along with 211 elsewhere in an effort to cut , https://www.nbc12.com/2021/01/21/genworth-begins-telling-some-workers-their-jobs-will-be-cut/, Jan 20, 2021 RICHMOND, Va. Insurance giant Genworth Financial has started notifying some of its workers that their jobs are being cut after its planned .