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.
Support services company ServiAide, subsidiary of Zurich Insurance Group, announced plans to reduce its provision of services. The labour adjustment plan is expected to affect 224 employees that amount to 80% over the total workforce. According to reports, the company explains the decision with higher costs than the market average, with organisational and with productive reasons. Trade union CC.OO. claims that the restructuring event is planned to outsource services to other companies in the sector, with disregard for the quality of the company's services provision.
Updated, 04/10/2019:
Employee representatives and the company reached a pre-agreement on the labour adjustment plan. The new plan will reduce the number of employees affected to 155 people, with the remaining 69 employees being relocated to other subsidiaries of the group. According to the pre-agreement, 85 employees are expected to be relocated to the group's suppliers: 55 to RACC and 30 to Home Serve. In addition, the plan provides as well for an early retirement scheme for employees between 55 and 63 years of age with 80% of their net salary. Finally, all affected employees are planned to have a compensation of 51 days per year worked, up to a maximum of 345 months.
Eurofound (2019), ServiAide, Internal restructuring in Spain, factsheet number 98825, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98825.