PHILADELPHIA (AP) -- Managed care provider Cigna says it will cut about 4 percent of its work force, or roughly 1,100 jobs, because of the slumping economy.
The Philadelphia-based insurer says the cuts should be complete by the middle of the year. Those who lose their jobs will be eligible for severance benefits and outplacement support.
Cigna Corp. will take an after-tax charge of between $30 million and $40 million in the recently completed fourth quarter related to the moves.
Cigna joins competitors Aetna Inc. and UnitedHealth Group Inc. in trimming staff. Aetna said last month it would cut 1,000 jobs, or nearly 3 percent of its work force.
UnitedHealth announced plans to cut 4,000 jobs last July.
(Copyright 2009 by The Associated Press. All Rights Reserved.)