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.
Administrative Services Rental And Leasing Activities Rental And Leasing Of Motor Vehicles 77.1 - Rental and leasing of motor vehicles
400 - 430 jobs Number of planned job losses
Announcement Date
14 April 2020
Employment effect (start)
10 April 2020
Foreseen end date
Description
The Hungarian subsidiary of US-based car rental company Avis Budget Group will dismiss between 400 and 430 employees from its Budapest service centre. The layoffs are the direct result of the plunge of business revenues, due to the coronavirus epidemic, since the car rental business is one of the areas that took a particularly hard hit from the pandemic. The affected employees were first notified by email, later by telephone calls from the HR department. The firm offered them small-group consultation about the layoff procedure. Before the restructuring, the firm had more than 1,200 employees, which means that the firm cuts its workforce by one-third. There is no information about the timeline of the dismissals.Â
The company expressed its intention to help affected employees to overcome the crisis, but no specific course of action was mentioned.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
