Correios launches new voluntary dismissal plan amid financial deficit

Correios, Brazil’s state-owned postal service, has opened applications for a new specific voluntary dismissal plan (PDV-E) following lower-than-expected participation in its initial phase. The company reported a financial deficit of R$ 3.16 billion through the first quarter of the year, prompting restructuring efforts to reduce expenses.

The previous phase of the program saw 3,181 employees opt for dismissal, which represented approximately 31% to 32% of the company’s original target of 10,000 departures. Due to this lower turnout, the company projected savings of roughly 40% of the amount initially estimated for the program.

Under the new plan, which remains open for applications until September 30, eligible employees can receive financial incentives ranging from R$ 24.4 thousand to R$ 459 thousand. These payments are made in a single installment and are exempt from income tax and FGTS collections. The initiative is part of a broader restructuring strategy that includes the closure of certain retail locations.