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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
350 - 390 jobs Number of planned job losses
Announcement Date
26 July 2006
Employment effect (start)
26 July 2006
Foreseen end date
31 December 2008
Description
The Generali Holding Vienna insurance company, a subsidiary of the Generali Group headquartered in Italy, will in the worst case lay off in between 350 and 390 out of around 10,000 employees (in Austria) by the end of 2008. This information was made public on 26 July 2006 by the companys management via a press release. Accordingly, company restructuring will centralise back-office tasks now being dispersed all over the country and thus relieve the regional offices in each Land from administrative burdens. Redundancies will thus be inevitable. The companys works council and the Union of Salaried Employees have alleged planned losses of even some 700 jobs a number that has been rejected by the management. Both the works council and the union have called on the management to assume social responsibility for the employees. Organised labour has announced a so-called action day to be held on 29 July 2006 in order to protest against the planned redundancies.
Sources
22 January 2003: Der Standard
26 July 2006: Der Standard
Citation
Eurofound (2006), Generali Holding Vienna AG, Internal restructuring in Austria, factsheet number 59797, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59797.
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