Heineken is taking drastic measures to slash its workforce after a sharp decline in profits because of COVID-19 restrictions. 

The world's second-largest brewer, which makes Europe's top-selling lager, said it is seeking to restore operating margins to pre-pandemic levels through $2.42 billion of savings over the three years to 2023 under the "EverGreen" plan of CEO Dolf van den Brink. 

It said this would be achieved by redesigning its organization, reducing the complexity and number of its products and identifying its least effective spending. The review would result in about 8,000 job losses – roughly 9 percent of its workforce at the end of 2019 – and a related $509 million charge. Personnel expenses would be cut by about $424 million, it added.

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The beer maker also said it would push its premium brands, such as Heineken, and zero-alcohol lager even more to increase top-line growth, as well as cater to a more digital consumer base. 

While other major brewers said they were banking on most COVID-19 restrictions being lifted in the coming months, Heineken's Van den Brink, who took charge of the company in June, was more cautious, but said vaccination programs in Europe, North America and some more developed countries in Asia would allow a return to normality.

"We are a global company ... Only when the whole world is vaccinated to a certain degree can we say we really come out of it, he told Reuters. Adding: "We have a bit of caution given the global footprint of our company."

Brazil and Mexico are two of Heineken's biggest markets and both are still struggling to overcome the pandemic.

However, the company said it expects market conditions to improve gradually in 2021 and gather pace into 2022, with a slow recovery of bars and restaurants in Europe.

Its operating profit margin before one-off expenditure is expected to reach 17 percent by 2023, the company said, compared with 12.3 percent last year and 16.8 percent in 2019. Operating profit fell 35.6 percent in 2020, in line with expectations.