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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
334 jobs Number of planned job losses
Announcement Date
10 November 2006
Employment effect (start)
Foreseen end date
Description
On 10 November 2006 the management of AXA Belgium announced that 334 jobs will be phased out in Belgium in the framework of the purchase of the Swiss insurance company Winterthur by the French group AXA. The management has put the trade unions' mind at rest about job reduction measures, mentioning that no direct dismissals will take place: 80 workers will leave the company through natural wastage, 100 will receive early retirement and another 100 will benefit from the time-credit system (i.e. a system by which working hours are gradually reduced). In addition, 50 management jobs will also be cut.
Sources
10 November 2006: La Libre Belgique
10 November 2006: Les Echos
Citation
Eurofound (2006), AXA, Merger/Acquisition in Belgium, factsheet number 64409, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64409.
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