Standard Life to axe contractors

Posted by Alex Turner

It contractors in Scotland could be forced to look for new placements after insurance and pension firm Standard Life announced new job cuts.

The company is set to axe hundreds of staff across a number of departments including sales, marketing and IT.

However, the IT section of the businesses is expected to be particularly affected, with 100 temporary staff not having their contracts renewed.

In total, more than 500 jobs will be axed over the next 15 months as the company tries to make cost savings in excess of £100 million.

Standard Life has attempted to soften the blow by announcing that 100 positions will be created elsewhere in the businesses.

It follows the news that Aegon is also set to reduce its workforce over the coming months.

With both firms operating bases In Scotland, IT contractors north of the border could face a testing time in the short-term future.