Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Iberdrola, the Spanish multinational electric utility company, announced a workforce adjustment in Spain during the negotiation on the new collective agreement of the company. The measure affects 1,450 workers (15% of the workforce) in the entire country.
The company's proposal is to implement agreed early retirements, in addition to reducing some social benefits (for example, the coverage of free electricity consumption). In contrast, in the negotiation the unions demand a 7% reduction in working hours, new seniority payments and the extension to the entire workforce of the pension plan provided by the company.
This comes at the same time the company is close to becoming the top electric company in the country in terms of production of electricity.
Eurofound (2020), Iberdrola, Internal restructuring in Spain, factsheet number 102243, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102243.