Correios de Portugal (CTT)

Type
Internal restructuring
Country
Portugal
Region
Continente;
Location of affected unit(s)
Sector
Transportation / Storage
53 - Postal and courier activities
53.1 - Postal activities under universal service obligation
53.10 - Postal activities under universal service obligation
200 jobs
Number of planned job losses
Job loss
Announcement Date
19 March 2024
Employment effect (start)
19 March 2024
Foreseen end date
31 December 2024

Description

Correios de Portugal (CTT), the Portuguese national postal service company, is in a restructuring process and will open a mutual termination programme that is expected to cover 200 workers. This restructuring process was already planned in its 2023 annual accounts report. A total of €13.4 million was allocated for the departure of about 200 employees, which will happen in the course of 2024.

Personnel costs rose by €30.8 million (8.8%) in 2023, mainly due to the increase in wages (more €15.9 million) as a result of the increase in the national minimum wage.

CTT had 13,670 workers on 31 December 2023, 1,164 more than the previous year, of which 11,386 were permanent and 2,284 had fixed-term contracts.

Sources

Citation

Eurofound (2024), Correios de Portugal (CTT), Internal restructuring in Portugal, factsheet number 200978, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200978.