Multinational corporation Wal-Mart has announced that it will cut health insurance for an estimated 30,000 part-time workers.
The company made the announcement amidst revealing changes in employee insurance strategies and internal costs. Reports citing the group's announcement mention it is part of its strategy to drive down operating expenses.
"We can't take our eyes off costs," Senior Vice President of Global Benefits at Wal-Mart Sally Welborn told the Wall Street Journal.
"We can't predict where they will go, but we are going to help them find affordable health care."
The newspaper reports that she declined to mention how much Wal-Mart will save from the health insurance cuts.
Costco, one of Wal-Mart's primary competitors, confirmed they will not be cutting employee benefits, the Huffington Post reports.
"We haven't and aren't going to make major changes like cutting a bunch of people out of health coverage," Chief Financial Officer Richard Galanti said during an earnings call, the website reports.
"That's an expensive cost to us, and we're proud of the ability to be able to do that."
Wal-Mart officials have not announced future plans for further employee cuts.
