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
1,800 jobs Number of planned job losses
Announcement Date
29 July 2008
Employment effect (start)
29 July 2008
Foreseen end date
31 December 2010
Description
On 10 December 2008, the insurance company Ergo announced that it is to cut around 1,800 jobs by the end of 2010. First information on a job reduction scheme was released on 29 July 2008 when the company had stated to cut 1930 jobs. However, negotiations between Ergo management and the works council led to a reduction of the figure to 1,800 jobs. The management furthermore stated that it was to refrain from redundancies due to business operations till 2012. The job cuts are to be implemented through other job reduction measures, such as early retirement schemes and natural wastage.
Sources
30 July 2008: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2008), Ergo, Internal restructuring in Germany, factsheet number 66934, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66934.
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