When the two Finnish pensions insurance companies Ilmarinen and Etera marry their operations next month, almost a quarter of permanent jobs at the combined firm will disappear, the companies have announced. But they said that number of job losses will be reduced as a result of new tasks arising from the restructuring – without giving any figures.
Timo Ritakallio, chief executive of the Ilmarinen – the larger partner in the merger and Finland's second biggest pensions insurer after Varma – said the entire need for staff reduction would not take place immediately after the merger. The entire need for reduction will not happen immediately after the merger.
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