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MADISON, Wis. – At press time there was no word on how many employees will be affected by the expected lay-offs at CUNA Mutual, but it could be as high as 300. CUNA Mutual recently announced sweeping cuts to increase revenue, and in an internal memo to all employees CUNA Mutual President/CEO Mike Kitchen stated that between 200 to 250 union employees and 60 to 80 non-union employees could be laid off. “We are engaging the union in discussions concerning potential alternatives which might reduce the number of immediate reductions.” stated Kitchen. He said the company likely won’t know how many positions will be cut until early December. CUNA Mutual is looking to reduce its planned expenses in 2003 by nearly $50 million. Hiring freezes, benefit cuts, elimination of holiday bonuses and other cost-cutting moves are planned. In his memo, Kitchen also said there will be reduced plane shuttle between Waverly and Madison and the company will increase cafeteria prices. CUNA Mutual is adamant about external factors beyond its control, such as low demand for consumer lending, the stock market, effects of 9/11 and others as driving the need to reduce costs. The company has about 5,000 employees; 1,600 of whom are unionized.

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