Petrobras says 12% of staff to take voluntary early retirement

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +0.3%) says it has cut its workforce by 12.4% through a voluntary separation program launched in January, and expects to save at least 13B Brazilian reais ($5.85B) during 2014-18 thanks to the program.

PBR says it bought out 8,298 employees, 55% of whom are expected to part ways with the company this year.

In the short term, the buyouts will come at a price tag of 2.4B reais, which PBR will provision in its Q1 results, scheduled for release later this week.