Type
Internal restructuring
Country
Spain
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

150 jobs
Number of planned job losses
Job loss
Announcement Date
18 November 2014
Employment effect (start)
1 December 2014
Foreseen end date
30 December 2014

Description

Spanish bank, Banco Popular, will implement an early retirement plan that will affect 150 employees. The measure will affect employees from the central services department and will be executed before the start of 2015.

As reported the plan envisages that affected employees will receive an early retirement salary of 80% to 90% until the age of 63 years old and then they will start to receive their pension. In addition, they will receive the sum related to the Special Agreement with Social Security which they must subscribe to in order to maintain their contributions until they get their retirement.  


Sources

  • 18 November 2014: Expansi√≥n

Citation

Eurofound (2014), Banco Popular, Internal restructuring in Spain, factsheet number 77928, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77928.