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.
Croatian food company Podravka is to cut around 340 jobs in 2014. The company announced that it intends to create the conditions for Podravka Group's future growth and development.
The redundancy programme for 2014 will affect 340 workers from Podravka, Danica and Belupo companies and a total of HRK 45 million (EUR 5.9 million) will be earmarked for implementing the programme. Three models of implementation are envisaged: a) severance payment amounting to net HRK 5,000.00 (EUR 660) for each year spent at Podravka Group, if the worker decides to accept the termination as on 31 March 2014; b) severance payments in accordance with the Law on Employment and use of regulated period of notice, and c) workers who in 2014 comply with retirement conditions are offered the possibility to purchase additional pensions, in accordance with the Law on Life Redundancy Payments. By providing severance payments which are higher than those required by law, Podravka intends to acknowledge the workers’ contribution to the development of the company.
Eurofound (2014), Podravka, Internal restructuring in Croatia, factsheet number 76633, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76633.