CVS Health will lay off 5,000 employees to reduce costs and reorganize the company structure. CVS will be shifting to focus more on healthcare services, stating that the company wants to meet new consumer health demands and expectations. The company also recently acquired Oak Street Health, a company that operates primary care centers for Medicare Advantage plans. CVS states that the layoffs target non-customer-facing positions, and workers in CVS stores, pharmacies, clinics, and primary care centers will not be affected. Employees who are impacted by the job cuts will be provided with severance pay and benefits, and CVS will also provide them with outplacement services.
See "CVS announces mass layoffs to non-customer-facing employees", Gabe Hauari, USA Today, August 1, 2023