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.
Mining / Quarrying Mining And Quarrying Mining Of Metal Ores 07.1 - Mining of iron ores
1,061 jobs Number of planned job losses
Announcement Date
1 February 2022
Employment effect (start)
25 July 2022
Foreseen end date
25 July 2022
Description
On February 1, 2022, the government announced a public tender process for the purchase of Larco General Mining & Metallurgical Co. S.A. and the termination of 1,060 employees.
According to the terms of Article 21 of Law 4664/2020, the firm was placed under special financial administration on February 12, 2020, and it remained closed as of April 29, 2021.
In mid-June, the Greek Parliament legislated a special regime for the dismissal of Larco employees by the special administrator.
On July 26, 2022, by decision of the Ministry of Environment, an amount of EUR 22,376,921.76 was approved for the payment of redundancy payments for all the company's staff (1,061 employees) and five employees who died during the Special Management period.
The cost of compensation was covered by the State, while out of the 1,060 employees it is estimated that about 400 workers will work in Larco with short fixed-term contracts of up to 5 months, as long as the special management is in force, while 100 persons are estimated to be able to retire.
Larco was one of the oldest Greek companies founded in 1963.
Eurofound (2022), Larco, Closure in Greece, factsheet number 107235, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107235.
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.
