Farmers announces voluntary separation plan for eligible employees
Coverager reached out to Farmers after learning about a separation package and hiring freeze across the company. Here is a statement from a Farmers spokesperson:
“We recognize the insurance marketplace has continued to evolve and have determined we can better align our organization for future success. We have developed a creative option for eligible employees to qualify for a generous benefits package should they choose to voluntarily separate from the organization. We recently announced a voluntary separation plan available for eligible employees who are 55 years of age or older and have a minimum of five years of service. Those employees who choose to participate will receive a separation payment equivalent to at least 26 weeks and up to 52 weeks of pay, depending on an employee’s current position and years of service. As an entire organization, Farmers has risen to the challenges presented this year and we will continue to do so.”
In regards to the hiring freeze, the spokesperson stated that the company is “taking a disciplined approach to hiring, which focuses on filling critical roles.”
According to a post on TheLayoff.com, the company is experiencing a drop in policies and if not enough employees accept the separation plan, there might be layoffs in January.