CHATTANOOGA, Tenn. (AP) — The nation’s largest public utility says it is eliminating more than 2,000 jobs as part of a $500 million cost-cutting campaign.
The Chattanooga Times Free Press (http://bit.ly/1qX1qLU ) reports the Tennessee Valley Authority is making the cuts this year to pare expenses and make electric rates in the Tennessee Valley more competitive with neighboring utilities.
Most of the staff reductions are being made by not filling vacant jobs and through retirements and resignations by the end of next month.
More than 900 employees agreed to resign or retire and were given a week’s pay for each year of employment. Another 1,000 staff vacancies were not filled.
TVA declined to detail the number of layoffs, which are the agency’s largest in more than two decades.