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MetLife's Japanese unit to reduce staff after revenue decline

MetLifeInc.'s Japanese unit is looking to reduce its headcount by offeringvoluntary retirement packages to around 4,800 nonsales personnel as part ofefforts to streamline its business, TheNikkei reported Sept. 27.

The voluntary retirement packages will be offered fromOctober to employees aged 45 years and over who have been on the payroll for atleast three years. Hundreds of employees are expected to accept the voluntaryretirement package, which includes two years of monthly pay.

MetLife plans to streamline its operations by consolidatingits seven Tokyo offices into two locations in 2017. The streamlining wasprompted by a decline in insurance premiums and other revenue in the fiscalyear ended March 31.