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.
Banco Sabadell and workers' representatives reached an agreement on a collective redundancy plan affecting 1,800 employees (11% of the workforce). The agreement foresees that most of these redundancies will be through voluntary pre-retirement for employees over 55, and the rest through voluntary redundancies.
The agreement establishes a severance payment of 20% of annual salary for employees between 63 and 64 years old, and 10% for those older than 65. For employees between 56 and 63 years old, the company offers 75% of the annual salary, with a maximum of €300,000 euros. With regard to incentives to leave for people under 56 years old, the agreement establishes compensations of 35 days per year worked. According to CCOO union, the improvement in the economic conditions of the early retirements were key to reaching an agreement.
Eurofound (2020), Banco Sabadell, Internal restructuring in Spain, factsheet number 105275, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105275.