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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.11 - Production of electricity
500 jobs Number of planned job losses
Announcement Date
11 November 2014
Employment effect (start)
11 November 2014
Foreseen end date
31 December 2020
Description
Verbund AG, Austria’s leading electricity supplier company, has announced to cut 355 out of 3,300 jobs by 2020.
The company, a listed corporation which is majority owned by the state, launched an austerity programme in autumn 2013. The generally tense economic situation, contraction of demands and declining profits have made further steps necessary. The management revealed plans to withdraw from thermal electricity production which will affect 80 jobs in Austria but also 30 jobs in France. According to a press release from 11th November 2014 an additional 110 employees in administration and management will lose their jobs and 70 vacant positions will not be refilled.
A social plan negotiated in autumn last year will be available for all newly affected employees. The company is also trying to find new jobs internally.
Updated 28/09/15: In an interview, head of Verbund, Wolfgang Anzengruber, said the implementation of restructuring plans has been successful. All in all a total number of 500 jobs will have been cut by 2020.
Sources
6 November 2014: OÖ Nachrichten
11 November 2014: Die Presse
28 September 2015: Wirtschaftsblatt
Citation
Eurofound (2014), Verbund AG, Internal restructuring in Austria, factsheet number 77893, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77893.
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.
