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.
Transportation / Storage Land, Water And Air Transportation Land Transport And Transport Via Pipelines 49.20 - Freight rail transport
1,200 - 1,500 jobs Number of planned job losses
Announcement Date
31 October 2013
Employment effect (start)
29 November 2013
Foreseen end date
30 April 2014
Description
State-owned Croatian freight railway operator HŽ Cargo is to cut 1,200 – 1,500 jobs by the end of November 2013 in a bid to reduce operating costs and attain financial sustainability.
According to the sources, the cost-cutting restructuring will be implemented with the use of the Railway Fund (Zeljeznicki fond), a solidarity fund through which the employees will receive a pay lower than the regular salary.
At the same time, the plan envisages that the company can reinstate some of the employees back to work according to its needs. As reported, the remaining employees will be made redundant with the use of a severance pay.
Sources
31 October 2013: HZcargo
31 October 2013: Jutarnji
Citation
Eurofound (2013), HZ Cargo, Internal restructuring in Croatia, factsheet number 76137, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76137.
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