Restructuring events
European Restructuring Monitor (ERM)
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.
Portugal Telecom (PT), a global telecommunications operator which is the national leader in all of the sectors in which it participates in, announced a restructuring plan affecting 2,500 workers until the end of 2008 through early retirement, contract rescission and contract suspension.
500 workers are expected to leave PT in 2006 and 1,000 in each of the following years (2007 and 2008).
The administration intends that 275 of the 500 expected leaves are done through contract rescission and only 225 through early retirement.
The workers commission tells that for the workers under 50 years of age PT wants to propose a contract rescission. For those aged between 50 and 55 it intends to go for a contract suspension (the workers staying at home but receiving 100% the wage).
From 55 years onwards the workers will be in early retirement, receiving 80-85% of the wage.
Eurofound (2006), Portugal Telecom, Internal restructuring in Portugal, factsheet number 63851, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63851.
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