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.
ING Insurance Company will release 119 out of 683 employees of the Prague headquarters during 2013 as part of a restructuring plan, aiming at reducing costs and enhancing competitiveness.
Workforce reduction will reportedly affect even managerial positions, but no specific details were given. 52 employees will be directly dismissed, while the rest of the departures will occur through natural attrition.
The redundancies are associated with the decision to initiate a reorganization program that should deliver savings of CZK 125 million (EUR 5 million). The planned job cuts will save about CZK 90 million.
Eurofound (2012), ING Pojišťovna, Internal restructuring in Czechia, factsheet number 74598, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74598.