New Delhi, October 1: CVS Health is reportedly planning to lay off around 2,900 employees as part of a cost-saving strategy. As per reports, the layoffs will affect employees as part of the company's efforts to streamline operations and reduce expenses. The job cuts are expected to impact workers in various departments.

As per a report of Fox61, the layoffs are part of CVS Health’s initiative to ensure long-term stability. The company has not revealed the specific departments that will be affected by the job cuts. The company is planning to lay off around 2,900 employees across the country. It may include employees from Aetna, a health insurance company based in Hartford. The company reportedly mentioned that they will provide more information about how this will affect jobs in Connecticut after they officially inform the Department of Labour, which is expected to happen next week. Activision Blizzard Layoffs: Video Game Company To Lay Off Around 400 Employees in Irvine, Santa Monica Next Month After Microsoft Merger.

According to multiple reports, CVS Health last month revenue went up by 2.6 per cent. However, the results were not the same across all three parts of the business. The Health Care Benefits section, which offers various services like medical, pharmacy, dental, and mental health coverage, experienced a revenue increase of 21.4 per cent year over year. The growth can be seen due to an increase in their Medicare and commercial product offerings.

In a statement, Mike DeAngelis, a spokesperson for CVS, reportedly mentioned that the company is considering job cuts as part of a strategy to save USD 2 billion over the next few years. The plan involves cutting down on expenses and putting money into new technologies to improve their operations and efficiency. Stellantis Layoffs Continue: Global Automobile Giant Cuts More Jobs at Michigan Plant Amid Intense External Market Condition.

To reach the goal the company is planning to lay off its workforce by less than 1 per cent, which is about 2,900 employees at CVS Health. Most of the employees will likely be affected in corporate positions, and front-line workers in stores, pharmacies, and distribution centers.

(The above story first appeared on LatestLY on Oct 01, 2024 12:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).