Insurance firm prepares for layoffs

Insurance firm prepares for layoffs

SURABAYA, East Java: State insurance company PT Jamsostek has
set aside funds ahead of mass layoffs and workers taking early
retirement, following the recent increases in utility prices.

Sentot Widarto, the head of Surabaya's Jamsostek office, said
on Friday that his office had set aside funds to pay out pensions
and compensation to those facing layoffs.

He added that the insurance company had always been ready to
disburse benefits.

In 1998, the company compensated 80,000 laid-off workers,
mainly employees of banks, airline companies and export-oriented
firms.

He estimated that the number of laid-off workers would not
exceed 20,000 employees. -- Antara