Out To Save £1 billion, Vodafone Cuts 500 U.K. Jobs

As part of its move to trim costs by £1 billion, Vodafone has given pink slips to 500 of its employees in the UK.

Time are tough all over. Last year Vodafone said it needed to trim its costs by £1 billion (around $1.5 billion), and yesterday it began putting the plan into action by giving pink slips to 500 of its 10,500 British employees.

In a statement the company said that "intends to reduce its cost base, whilst continuing to invest in new products and services to meet changing customer needs" in order to be competitive in the marketplace.

Communications workers union Connect responded by saying:

"We will be working very closely with the company to ensure that our members are treated with respect during this difficult time and that a full and proper process of consultation is carried out."