LONDON, Oct 16 ― BP is set to make around 7,500 compulsory redundancies after roughly 2,500 staff ― or just over one in ten of those eligible ― applied for voluntary severance, according to an internal memo seen by Reuters and company sources. The oil major announced plans in June to lay off...
A BP logo is seen at a petrol station in London. In an internal memo this week, BP said that out of 23,600 people eligible for voluntary redundancy, some 2,500 had applied, including about 500 people in senior roles. — Reuters pic
Most of the layoffs will come from office-based staff in BP's core oil and gas exploration and production division, where thousands of engineers, geologists and scientists are set to leave. They will not impact frontline production facilities.“We are continuing to make progress towards fully defining our new organisation ... We expect the process to complete and for all staff to know their positions in the coming months,” BP said in a statement.
“This means around a quarter of the headcount reduction that Bernard outlined in June, will be voluntary,” the memo said. Investors have praised the drive, but also questioned the financial viability of the plan as renewables generate much lower returns. Two BP sources said the company considered more than 10 per cent of those eligible accepting voluntary redundancy as a good turnout. Employees were typically offered one month's salary for every year of service.“Losers get a package and will walk out by the end of the year ... Staff choice is brutal,” one of the sources said.
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