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.
In order to address its debt problems the Finnish city of Porvoo has announced plans to cut 109 people from its workforce.
The city's debt is expected to rise to 157 million euros and the cuts are expected to save about 4 million. The city has concluded mandatory negotiations with its employees. By law these negotiations have to last at least 2 weeks, but Porvoo has scheduled them for at least 6 weeks. The city intends to exempt certain occupations from cuts, e.g, doctors and fire fighters. Therefore, various cultural and educational activities are likely to be disproportionately reduced.
Porvoo is located 50 kilometres east of capital Helsinki.
Eurofound (2010), Porvoo (City of), Internal restructuring in Finland, factsheet number 71032, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71032.