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PGGM confirms plans to cut 100 jobs

NETHERLANDS – The 45 billion-euro Dutch healthcare fund PGGM is cutting around 100 jobs in an efficiency drive.

“Yes, I can confirm it,” said PGGM spokesman Alfred Kool, following reports in the Dutch financial press. PGGM has around 1,250 employees.

“We are talking about approximately 100 employees,” he added. The cuts, which will affect IT staff at the Zeist-based fund, will take place over a two to three year period.

The decision to cut the jobs is part of a plan to increase efficiency and lower costs. Kool declined to say how much PGGM is seeking to save by the measures, adding that the fund would help those affected to find new jobs.

Separately, PGGM’s managing director of investments Roderick Munsters has been named chairman of the corporate governance foundation Stichting Corporate Governance Onderzoek voor Pensioenfondsen, or SCGOP. He takes over from Peter de Koning. Munsters remains with PGGM.

Last week PGGM said that it would retain full indexation of pensions in 2004, at 2.05%.

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