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
500 jobs Number of planned job creations
Announcement Date
25 August 2006
Employment effect (start)
Foreseen end date
Description
Aviva Life Insurance, founded in 1996 by Hungarian Credit Bank (Magyar Hitel Bank) and acquired by ABN AMRO Hungarian Bank, then by CGNU, said it would hire 500 dismissed government employees. Aviva promised it would provide training for former public workers based on an agreement it signed with the Ministry of Social Affairs and Labour. Other companies also offered to hire dismissed public employees, such Spar Hungary, Suzuki, Budapest Bank, and the Budapest Public Transportation Company. The job offers respond to the wide-ranging project of the re-elected MSZP-SZDSZ (Hungarian Socialist Party - Alliance of Free Democrats) coalition government to streamline the entire public administration system, which forms part of the efforts of the Government to reduce state expenditures and to restore the budgetary balance (‘austerity package’). All ministries have been affected by the reorganisation, as a result of which one third of the 7,300-7,500 strong ministry workforce and related institutions is expected to be laid off in the next two years (in average 200-220 employees per ministry).
Sources
25 August 2006: Budapest Business Journal
Citation
Eurofound (2006), Aviva, Other in Hungary, factsheet number 64666, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64666.
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