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With the Exit of 10,082 Employees Enrolled in Its Voluntary Dismissal Program, Petrobras Estimates a Return of 18 Billion Reais by 2025
According to a publication by Petrobras last Thursday, the company stated that it expects to receive about R$ 18 billion in “additional return” by 2025 with the enrollment of its 10,082 employees in the voluntary dismissal programs (PDVs) or incentivized retirements (PAI).
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The state-owned company also estimates that, by 2025, due to the exit of more than 10,000 registered employees from the plan, it will reduce personnel costs by approximately R$ 4 billion per year, which represents 22% of the total number of existing employees.
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According to the company’s president, Roberto Castello Branco, “It is important to note that the expected impact of the compensations on the company’s cash flow will not be immediate in 2020, but will be diluted over the next three years. This is because, in the 2019 PDV, there are categories with scheduled exits of up to 24 months, which will dilute the layoffs over time.”
“In addition, the company chose to defer the payment of compensations in two installments, one at the time of dismissal and the other in July 2021 or one year after the dismissal, whichever is greater,” he stated.
In 2013, the company had about 86,000 employees. “The voluntary dismissal programs were designed with the main concern of respecting our employees’ right to free choice…. The result of the 2019 PDV was extremely positive with 94% adherence from the 10,053 eligible employees…,” emphasized Castello Branco.
In addition to the Incentivized Retirement Program (PAI), a dismissal program targeted at eligible employees valid until December 31, 2023, the company implemented three other plans: PDV 2019; PDV specific for employees stationed in assets/units undergoing divestment; PDV exclusive for employees working in the company’s corporate segment.
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