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 Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
200 jobs Number of planned job losses
Announcement Date
21 October 2015
Employment effect (start)
Foreseen end date
Description
Spanish savings bank, Cajamar, which is the biggest creditor cooperative in Spain, has agreed with its workers a labour adjustment plan that will affect around 200 workers. According to the trade union CCOO, the company plans to make 150 voluntary redundancies, 20 temporary contract suspension for four years and voluntary relocation schemes for at least 50 workers. Workers aged between 50 and 54 years old will be able to opt for voluntary redundancies in exchange for compensation of up to €120,000 and an additional payment of between €5,000 and €14,000. Workers aged 49 years and under will be able to receive up to €90,000, and an additional payment of between €5,000 and €12,500. Contract suspensions with automatic reemployment after four years, with compensation of 20% of annual fixed salary and unemployment benefit will also be implemented. Those workers opting for relocation will be able to get four working days for the move and up to €1,000 towards moving costs. They will also receive a monthly bonus of €750 gross for geographic mobility for four years, and a consolidation payment of 10% of the monthly bonus at the end of the period (or 20% depending on the worker's performance)..
Sources
21 October 2015: La Vanguardia
21 October 2015: Cinco Días
Citation
Eurofound (2015), Cajamar, Internal restructuring in Spain, factsheet number 85154, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85154.
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