Centene Corp. (NYSE:CNC) will offer buyouts to most employees as the health insurer seeks to reduce costs following a significant decline in membership across its health plans.

The U.S. insurer launched a voluntary separation program that will allow eligible employees to apply for buyouts. However, participation is not automatic, and applications will be subject to company approval, the company spokesperson told Bloomberg.

Workforce Reduction Plan Takes Shape

Centene employed approximately 61,000 people during the first quarter. While the company did not disclose how many positions it hopes to eliminate through the program, it indicated that additional workforce reductions could occur if voluntary departures do not meet internal targets.

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