February 26th, 2013
Feb. 26 – Insurance company QBE has confirmed that the number 700 is “in the ballpark” based on estimated upcoming job losses in Australia, Europe and the U.S.. Many of the jobs will be transferred to countries such as India and the Philippines, where labour costs are far cheaper.
The news broke when the Finance Sector Union publicly stated it had documents showing the QBE was planning to send 700 Australian jobs offshore, primarily to the Philippines.
When asked about reports of the job cuts at a media briefing on the company’s profit result, QBE’s chief executive John Neal confirmed that the FSU did have documents pertaining to the topic.