Brazil's Eletrobras to layoff 1,300 workers to save 490 mln reais a year

Brazil's Eletrobras SA said 1,300 employees would be laid off by the end of the year, as part of the state-run power company's second voluntary redundancy program of 2019.

Eletrobras said in a statement that the dismissals would generate estimated savings of 490 million reais ($116 million) a year and that a further 444 employees would be let go by May 1.

The layoffs come as the company prepares for privatization, which is expected to take place next year, according to government plans.