LONDON, June 15 (Reuters) - Axa PPP Healthcare, the British health insurer, on Monday gave staff an opportunity to shape its cost-cutting plans, by asking them to choose between a range of austerity measures.
A spokesman for Axa PPP, a unit of France's Axa, which employs about 2,000 people, said the options included an across-the-board 10 percent salary cut, a two-to-three year suspension of bonuses, a 10 percent increase in working hours with no pay rise, or 300 job cuts.
"We at Axa PPP Healthcare are trying to find ways to reduce our operating costs in light of the challenging current economic climate, and as a part of this, we have been asking our employees for their views on a number of steps we might take to help achieve this," the spokesman said in an e-mailed statement.
"We have a strong experienced team at Axa PPP, and we are not looking to have to make redundancies."
Last week, Axa's UK division, which includes Axa PPP, said it planned to cut 560 jobs following a review of its operations.
Other British insurers have also cut jobs as consumers respond to the recession by deferring or cancelling insurance policies, with Legal & General announcing 560 redundancies in May and Aviva unveiling plans to shed 1,690 jobs the previous month. (Reporting by Myles Neligan; Editing by David Holmes and Rupert Winchester)