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Nearly a quarter of jobs to go after Ilmarinen Etera merger

The huge merger in Finland's pensions insurance sector between Ilmarinen and its smaller rival Etera will lead to 180 jobs becoming obsolete over the next two years – almost of a quarter of the 801 current employees at the two companies.

Timo Ritakallio, CEO of Finland's Ilmarinen. | Photo: PR

When the two Finnish pensions insurance companies Ilmarinen and Etera marry their operations next month, almost a quarter of permanent jobs at the combined firm will disappear, the companies have announced. But they said that number of job losses will be reduced as a result of new tasks arising from the restructuring – without giving any figures.

Timo Ritakallio, chief executive of the Ilmarinen – the larger partner in the merger and Finland's second biggest pensions insurer after Varma – said the entire need for staff reduction would not take place immediately after the merger. The entire need for reduction will not happen immediately after the merger.

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