MONTPELIER — National Life Group has shed nearly 100 workers – more than half of them in Vermont – in response to the economic downturn caused by the COVID-19 pandemic.
Mehran Assadi, chairman, president and chief executive office of National Life, announced the layoffs in a prepared statement released Tuesday afternoon.
In all, Assadi said, 95 employees were affected – 53 at National Life’s primary office in Montpelier, another 30 in Addison, Texas, and 12 in other remote locations.
“Our departing employees have each played a meaningful role at National Life and the painful need to address current realities does not diminish their contributions,” Assadi said. “I thank each one for their service to the company.”
Company-wide, National Life employed 1,400 people before the latest reductions. The company will offer severance pay, as well as reimbursement for health, dental, and vision coverage, to all of the impacted employees.
Assadi said that National Life does not anticipate any further job reductions.
“While it is impossible to predict the course of this virus or the extent of the economic recession, I know that we – National Life – will emerge from this crisis even stronger,” he said in a message that was shared with employees. “The grit, determination and resiliency that you demonstrated as we transformed overnight into a virtual company will carry us into an even brighter future.”
With the exception of a few dozen essential workers who continue to report to the office each day, National Life’s employees have been working remotely since mid-March. A phased return to the office is currently planned, though the company has stated that won’t happen before July 20.
National Life Group is a group of financial service companies that offers life insurance and annuity products for individuals, families, and businesses. It was chartered in 1848 by the Vermont Legislature.