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Aon reports further redundancies from restructuring



Aon PLC has reported an increase in the number of estimated job reductions due to the ongoing restructuring.

In its annual 10-K statement filed on Tuesday with the US Securities and Exchange Commission, Aon said it expects to eliminate an estimated 4,800 to 5,400 jobs as a result of the ongoing restructuring, up 12.5 percent from 4,200 to 4,800 estimated employment rates reported in their 10-K filing a year earlier.

The company has regularly published numbers since the three-year period The restructuring plan began in 2017, a spokesman from Aon said.

"This number has continued to increase as we have moved throughout the three-year program and gained a better insight into projects and opportunities around our Aon United operating model," said Aon spokeswoman.

In its SEC filing, Aon said it expanded its global restructuring plan in the fourth quarter of 201

8, resulting in additional expected costs of about $ 200 million.

The company estimates $ 50 million in annual savings from the restructuring and other business improvements at the end of 2019, the SEC branch said.

The restructuring plan, which is in its final year, began in 2017 after the sale of Aon's Advance Release Unit and is expected to result in cumulative costs of about $ 1.3 billion, including about $ 450 million in employment termination costs, Aon said at filing.

Since the restructuring began at the end of 2018, the company said it had eliminated 4,366 services and incurred total costs of $ 982 million related to restructuring and related separation costs, as applied for.

This is compared to the company's first estimate of 1,600 to 1,900 jobs when the restructuring process began in 2017.

                    


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