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 Financial Service Activities, Except Insurance And Pension Funding 64.11 - Central banking
550 jobs Number of planned job losses
Announcement Date
15 September 2005
Employment effect (start)
Foreseen end date
31 December 2005
Description
Česká spořitelna, the largest retail bank in the Czech market and a member of Erste Bank Group, is executing the 2005-2006 Efficiency Program, reducing the general administrative expenses by 750 million CZK. The Program implies some 550 job losses by the end of 2005. The personnel reduction will take place over all categories of staff. The laid off employees are entitled to special benefits via Aid Program 2005 into which the Group is investing 5 million CZK. The program involves consultation with a psychologist, help in job searches and cooperation with labour offices. The severance pay will be increased to three monthly wages, while the Labour Code sets it at just two monthly wages.
Sources
15 September 2005: Hospodárske noviny
Citation
Eurofound (2005), Česká spořitelna, Internal restructuring in Czechia, factsheet number 62240, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62240.
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