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CVS Health said it will lay off more than 500 people who work for its Hartford-based insurance subsidiary Aetna.
The move is part of a broader cost-cutting effort, through which CVS said it will cut about 5,000 jobs nationwide.
CVS disclosed the 521 Aetna layoffs in a Worker Adjustment and Retraining Notification to the state Department of Labor. More than 300 of those employees are based in Connecticut, while the rest are remote workers who report to someone located in the state, the company said.
The notice says CVS Health will be conducting a “mass layoff at its facility located at 151 Farmington Avenue, Hartford,” and that the cuts “are expected to be permanent.”
The job cuts will begin on Oct. 21, CVS said.
The cuts “will affect employees who work (and may also reside) in Connecticut, and also includes a significant number of employees who are outstationed (“remote”) employees who are not physically present in Connecticut but for work purposes report into a leader located in Connecticut,” CVS said.
The retail pharmacy chain announced recently that it plans to reduce costs as it “sharpens its focus on healthcare services.”
The reductions will primarily affect corporate staff, according to a statement from the company.
CVS, which has its corporate headquarters in Woonsocket, Rhode Island, purchased Aetna in November 2018 in a deal valued at $69 billion.
To win over state regulators who could have blocked or at least held up the merger, CVS pledged to keep Aetna anchored in Hartford for at least a decade and retain staffing levels of roughly 5,300 employees for at least the following four years.
The company also announced local layoffs in 2020.
Aetna is the healthcare benefits arm of CVS that provides benefits and insurance to employers, individuals and government entities. It serves nearly 35 million people.
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