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.
Spanish general retail chain El Corte Ingles has announced an early retirement plan that will affect between 1,200 and 1,400 employees. The measure is being negotiated with the trade unions. Workers who are between 58 and 60 years and who have been at the company for at least 15 will be able to join to the voluntary leave plan. The company estimates that there are 3,700 employees that meet those criteria. The goal of the measure is to save costs and improve productivity. Workers participating in the plan will receive 70% of their current net salary until the age of 63 years old. Workers will also be allowed to maintain their personal discount card and a special social security agreement. The unions are demanding a higher percentage of their current net salary.
Update 3-05-2016: El Corte Ingles and trade unions are currently monitoring the plan. The company has accepted 1,340 applications for the early retirement voluntary redundancy scheme. Employees affected by the scheme will receive 70% of their net wage up to the age of 63. 2,070 workers asked to be included in the plan. However, the company has rejected some of the redundancy applications because they did not meet requirements set by the company. Some of them were also rejected for affecting positions where the company would find it difficult to find a replacement.
Eurofound (2016), El Corte Inglés, Internal restructuring in Spain, factsheet number 86593, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86593.