Petrobras has launched a new Program to Encourage Voluntary Severance (PIDV), which will be open to all employees, regardless of their age or length of service at the company. The goal is to adjust its workforce to the needs of the Business and Management Plan, optimizing productivity and reducing costs, while focusing on achieving the plan’s targets.

The 2016 PIDV was developed based on the principles of preserving the workforce needed for the company’s operational continuity, and adjusting personnel in all areas. The program applies to the Petrobras parent company, which currently has 57,046 employees.

The company now has around 12,000 employees eligible for retirement. Based on this estimated participation figure, the expected cost of implementing the program is R$4.4 billion, and the forecast savings are R$33 billion by 2020. Applications will be open from April 11 to August 31, 2016.

The first edition of PIDV was launched in January 2014 and it led to 6,254 terminations. Another 1,055 employees who applied for the 2014 PIDV are expected to leave the company by May 2017.