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 65.3 - Pension funding
800 - 850 jobs Number of planned job losses
Announcement Date
23 October 2012
Employment effect (start)
1 November 2012
Foreseen end date
1 November 2016
Description
APG, the manager of the occupational pension fund for government and education employees in the Netherlands, announced that it will cut 800 to 850 jobs in the coming four years. The majority will be cut in Heerlen (600) and the remainder in Amsterdam.
Although forced dismissals seem unavoidable, some 60% of the cuts will be implemented through the retirement of older employees. Background of the measure is the integration of the offices of APG and Cordares, which was acquired in 2008.
Sources
23 October 2012: Het Financieele Dagblad
Citation
Eurofound (2012), APG, Merger/Acquisition in Netherlands, factsheet number 74451, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74451.
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