Avista Corp. will buy out 56 employees in a cost-cutting measure, the Spokane company said Thursday.
Avista invited 919 of its 1,550 employees to apply for the voluntary severance. The 56 who were notified Thursday that they were approved for the buyout represent about half of those who applied, spokesman Dan Kolbet said.
Their last day at work will be Dec. 31.
The severance was offered non-union, full time and part-time active employees.
“The goal of the program was to achieve sustainable cost savings in 2013 and beyond, and slow the pace of growth in our costs,” Kolbet said. “This program along with several other budgeting initiatives are being used to achieve savings.”
The cost-cutting measure is driven by spiraling operating costs that include huge increases for medical insurance and pension payments, the company said previously.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.