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.
German car manufacturer Volkswagen has announced plans to cut 5,000 to 7,000 jobs in its administration by 2023. Cuts are necessary due to the automatisation of routine operations in administration. According to Volkswagen, open vacancies due to retirement will not be filled as compulsory redundancies have been ruled out until 2025 in an agreement between Volkswagen and the works council from 2016. The job reduction comes in an effort to save up to €5.9 billion, which is needed for Volkswagen’s transition to electric cars.
In 2016, Volkswagen announced a major savings’ programme, which included the loss of 23,000 jobs in Germany.
Eurofound (2019), Volkswagen, Internal restructuring in Germany, factsheet number 97400, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97400.