Cost cutting at QBE Insurance Group Ltd is set to impact the company's offices in both Australia and other parts of the world, with the group reportedly considering sending 3000 jobs from Australia, North America and Europe to Manila by 2015.
According to The Australian Financial Review, documents show the insurer has plans to shift as many as 3000 employees over the next three years to the Philippines.
The news follows reports earlier this week that QBE Insurance Group Ltd is preparing to send over 700 Australian jobs offshore in a bid to lower costs.
The insurer is currently pursuing $US200 million ($A193.7 million) in annual savings. QBE is expected to provide details on its cost reduction plans this week.
The Finance Sector Union has urged QBE to respond to the reports, which it has yet to do.
According to the AFR, data shows the average annual salary at call centres in the Philippines is $US7990, about seven times lower than the Australian average.
Such an amount is lower than China and Malaysia, and roughly in line with India.
Last week, ANZ announced that it has cut 70 staff from its wealth management operations and has will outsource the work to India.
The bank has advised staff in its wealth division that about 70 positions are to be made redundant, most of which will be "back office type roles" in Sydney in Melbourne.