Insurance conglomerate Great-West Lifeco plans to lay off 1,500 Canadian workers this year and next year as part of a cost-cutting plan.

“Reductions will come from reducing the temporary workforce, a voluntary retirement program and eliminating positions through a severance program,” the Winnipeg-based company said in a release.

“These are difficult but necessary decisions that we are not taking lightly,” CEO Paul Mahon. “We are committed to treating all those affected fairly and respectfully, consistent with our values.” 

Almost a third of the job cuts, or 450 positions, will come from the company’s Winnipeg headquarters, a spokesperson told CBC News.

In addition to cutting nearly one out of every seven jobs it has in Canada, the company also announced it would be consolidating some of its real estate holdings, improving some of its processes and updating its IT systems to save money.

More to come