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 Spanish government has approved the redundancy procedure presented by the telecommunications company Telefónica which will affect 6,500 employees. The measure had been previously agreed on with the trade unions and is linked to a new collective agreement. This collective agreement includes, among other points, Telefónica's commitment to prevent any redundancies beyond the initially announced 6,500, the recruitment of at least 450 new employees and the setup of a grant programme for young workers.
Furthermore, the enterprise has been forced to reimburse the government for the costs associated with the resulting unemployment subsidies.
Eurofound (2011), Telefónica, Internal restructuring in Spain, factsheet number 72610, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72610.