Powszechny Zaklad Ubezpieczen (PZU), a Poland-based insurance company, and trade unions have reached an agreement specifying conditions of employment restructuring, which will result in laying off 1199 jobs across the company.

The insurer said the total number of employees, including part-time employees, covered by the change including in working conditions and exemptions, does not exceed 3,303 people.

The process of redundancies is scheduled to commence from 13 June to till 10 October 2011.

PZU director of employee relations and organizational change Olga Zarachowicz said the financial package which will accompany those departing from PZU, will depend on the seniority in the group insurance company and the remuneration of the employee.