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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.10 - Manufacture of basic iron and steel and of ferro-alloys
1,500 jobs Number of planned job losses
Announcement Date
13 November 2013
Employment effect (start)
13 November 2013
Foreseen end date
13 December 2013
Description
Metallurgical company Liepajas Metalurgs (LM) is to cut at least 1,500 jobs during the next month. As reported, the Liepaja court decided to halt the LM legal protection process and launch the insolvency process. The company employs over 1,870 people and as announced only about 300 employees will remain in order to keep the essential operations till the company is sold.
According to media reports, all redundant employees will receive assistance to submit applications for receiving compensation from the wage guarantee fund. They will also be able to receive unemployment benefits from the State Social Insurance Agency.
LM is one of the largest companies in Latvia and largest job provider in Liepaja. It suffered EUR 14.7 million in consolidated losses in 2012, according to its audited consolidated report.Â
Sources
21 November 2013: The Baltic Course
13 November 2013: Dienas Bizness
13 November 2013: The Baltic Times
Citation
Eurofound (2013), Liepajas Metalurgs (LM), Bankruptcy in Latvia, factsheet number 76235, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76235.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
