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.
The construction firm OHL will implement an employment adjustment affecting 457 workers (around 24% of the entire workforce). The measure has been agreed with the trade unions CCOO and UGT and has been ratified by the workers. The agreement means a reduction of the number of dismissals initially proposed by the company (17% less). The company estimates that it will save €34.2 millions with the measure, although it will depend on the number of workers who voluntarily join the employment adjustment plan. Indeed, the measure is justified to save costs due to the drop of public work assignments.
Workers younger than 59 years will receive a severance payment equal to 32 days per year worked up to a total of 25 months' pay. Workers between 59 and 63 years will receive 85% of their wages until they reach the retirement age. Workers older than 63 years will receive a severance payment equal to 20 days per year worked up to a total of 12 months' pay.
Eurofound (2017), OHL, Internal restructuring in Spain, factsheet number 91467, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91467.