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 65.1 - Insurance
119 jobs Number of planned job losses
Announcement Date
4 December 2012
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2013
Description
ING Insurance Company will release 119 out of 683 employees of the Prague headquarters during 2013 as part of a restructuring plan, aiming at reducing costs and enhancing competitiveness.
Workforce reduction will reportedly affect even managerial positions, but no specific details were given. 52 employees will be directly dismissed, while the rest of the departures will occur through natural attrition.
The redundancies are associated with the decision to initiate a reorganization program that should deliver savings of CZK 125 million (EUR 5 million). The planned job cuts will save about CZK 90 million.
Sources
4 December 2012: Hospodárske noviny
Citation
Eurofound (2012), ING Pojišťovna, Internal restructuring in Czechia, factsheet number 74598, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74598.
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