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150 Insurance Jobs To India This Year ...With More To Follow
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Date: 18th Feb 2004
The Bank has today announced that as part of it’s plans to move work to India, 150 jobs will go from Insurance this year with more to follow.
107 roles will transfer to India by September. These will be made up primarily of Sales and Claims roles. 43 of the 150 jobs will be what the Bank terms new roles in India itself.
Whilst LTU has welcomed the Bank’s commitment to redeploy all displaced staff, the need to do so in the first place - because jobs are being exported - is deplorable. LTU is in no doubt that this is just the beginning of job exports and not the end. Offshoring, business jargon for moving jobs to countries where staff costs are cheaper, is, to quote the Bank, “a key part of our plans”.
According to the Bank one of the reasons it has decided to move work to India is because its costs are too high. With staff costs in India one-sixth of those in the UK it is not surprising that work can be done cheaper offshore. But the obvious question is why stop at 150 jobs if the savings are that great? Why not move 300 jobs, or 500 or a thousand? The Union believes that is exactly what the Bank intends. The reality is that the savings to the Bank from exporting only 150 jobs are peanuts to an organisation that is expected to publish annual profits in excess of £4 Billion.
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