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.
Transportation / Storage Warehousing And Support Activities For Transportation, Postal And Courier Activities Warehousing And Support Activities For Transportation 52.23 - Service activities incidental to air transportation
4,000 jobs Number of planned job losses
Announcement Date
4 August 2020
Employment effect (start)
4 August 2020
Foreseen end date
Description
As announced on 4 August 2020, Frankfurt Airport operator Fraport will cut between 3,000 and 4,000 jobs in Frankfurt due to internal restructuring. The COVID-19 crisis has hit Fraport hard, as passenger volume between April and June 2020 was 94.4% lower than in the previous year. Furthermore, sales dropped by half to €910 million with a net loss of €231,4 million. The management expects a recovery to a pre-Covid-19 standard in two to three years, making a job reduction necessary.
According to Fraport, compulsory redundancies are to be avoided, however, they are not excluded. Job cuts will mainly be accomplished via natural fluctuation and other socially acceptable measures.
Currently, Fraport has 22,000 employees.
UPDATE 04/11/2020:
As announced on 4 November 2020, Fraport is cutting 4,000 jobs. 1,600 employees will leave the company via a voluntary programme, 1,600 employees will leave the company via natural fluctuation and another 800 employees are in negations regarding their leave.
Eurofound (2020), Fraport, Internal restructuring in Germany, factsheet number 101524, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101524.
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.
