Total COI turnover on advertising and marketing is down an estimated 52% in June this year, compared to the same period in 2009, and the new government has made it clear that this reduction in spend should be expected to continue into the future.
Consequently, COI is restructuring to reflect the reduced volume of work and is to reduce its staff numbers by 40%, with the loss of 287 jobs.
Staff numbers will be reduced from 737 to 450.
Staff have been offered the opportunity to be considered for voluntary redundancy initially, although if this does not produce the necessary numbers there will be redundancies on a compulsory basis.
A formal 90-day consultation begins today and ends on 1 November 2010.
Chief executive, Mark Lund said: "COI has always adapted to meet the requirements of government and the changing media landscape. A leaner COI is in line with new government priorities.
"Our future will be grounded in continuing to deliver excellent communications to achieve government aims, in the most cost-efficient and effective way possible."
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