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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.1 - Electric power generation, transmission and distribution
1,600 jobs Number of planned job losses
Announcement Date
20 September 2005
Employment effect (start)
Foreseen end date
31 December 2008
Description
Czech Power Company ÄŒEZ, one of the ten largest European energy utilities and the strongest business entity on the Czech electricity market,is undergoing major restructuring in order to comply with European legislation. This measure, saving nearly 8 billion CZK, will result in workforce reduction. Whereas 1,500 job cuts were announced in September 2005, this figure has now gone up to 1,600 to be achieved by 2008. The laid-off workers will receive generous severance packages of up to 13 monthly wages for those who have been with the company for more than 25 years.
Sources
20 September 2005: Hospodárske noviny
8 March 2006: Hospodárske noviny
Citation
Eurofound (2005), ÄŒEZ, Internal restructuring in Czechia, factsheet number 62261, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62261.
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