Provident

Type
Internal restructuring
Country
Poland
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.9 - Other financial service activities, except insurance and pension funding
64.92 - Other credit granting
120 jobs
Number of planned job losses
Job loss
Announcement Date
6 August 2020
Employment effect (start)
6 August 2020
Foreseen end date

Description

The UK lending company Provident announced that it plans to cut 120 jobs throughout a collective dismissal programme at its units across Poland. The lender is facing challenges connected with the coronavirus pandemic which caused the loan sector to shrink by 50% between April and June 2020. In addition, 428 employees will have their terms of employment changed, including salaries. The conditions of the programme will be negotiated with the local trade unions.

Provident has been operating in Poland since 1997. Currently, the company employs 1,500 people across the country. Provident is part of financial group International Personal Finance (IPF).

Sources

Citation

Eurofound (2020), Provident, Internal restructuring in Poland, factsheet number 101496, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101496.