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.
Région Bruxelles-Capitale / Brussels Hoofdstedelijke Gewest;
Location of affected unit(s)
Brussel
Sector
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.1 - Insurance
300 jobs Number of planned job losses
Announcement Date
13 September 2016
Employment effect (start)
1 October 2016
Foreseen end date
31 December 2019
Description
P&V, a Belgian insurance provider has announced the dismissal of 300 of its employees. Similar to the announced layoffs at AXA, the main reasoning behind the decision is the impact of ongoing low interest rates combined with increased investments in digitalization. The company states it strives to make the layoffs as socially responsible as possible by decreasing the amount of direct dismissals to an absolute minimum and opting for voluntary dismissals and natural attrition instead. Almost all of the employees that will lose their job are white collar workers. Trade unions state that they hope that the management will be able to fulfil their promises and will monitor the way the actual dismissals are implemented; it is foreseen that the job cuts will be enacted by 2020 and avoiding as far as possible collective dismissals. The company has also indicated it will seek a new deal with remaining employees on pay and remuneration.
Sources
13 September 2016: De Standaard
13 September 2016: De Tijd
Citation
Eurofound (2016), P&V, Internal restructuring in Belgium, factsheet number 88580, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88580.
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