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.
The Port Councils of Limassol and Larnaka announced the implementation of a voluntary early retirement plan that could result in the loss of 133 jobs for dockworkers. This decision aims at reducing operating costs and increasing the ports' competitiveness by hiring 155 younger dockworkers. New dockworkers will earn approximately 60% less than their older fellow worker (the average age of current dockworkers is 61). The cost of the retirement plan is estimated at EUR 26.4 million. The bill, which is the result of long-lasting negotiations between trade unions, maritime agencies and the Ministry of Communications and Works, is to be approved by the House of Representatives (the Parliament of Cyprus). The bill defines how funds will be raised and used in order to finance the voluntary retirement scheme. Final consent from dockworkers is expected to be obtained in the general workers' assemblies that will be held on 14 July 2007.
Eurofound (2008), Limassol and Larnaka Ports, Internal restructuring in Cyprus, factsheet number 66779, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66779.