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

200 jobs
Number of planned job losses
Job loss
Announcement Date
21 October 2015
Employment effect (start)
Foreseen end date


Spanish savings bank, Cajamar, which is the biggest creditor cooperative in Spain, has agreed with its workers a labour adjustment plan that will affect around 200 workers. According to the trade union CCOO, the company plans to make 150 voluntary redundancies, 20 temporary contract suspension for four years and voluntary relocation schemes for at least 50 workers. Workers aged between 50 and 54 years old will be able to opt for voluntary redundancies in exchange for compensation of up to €120,000 and an additional payment of between €5,000 and €14,000. Workers aged 49 years and under will be able to receive up to €90,000, and an additional payment of between €5,000 and €12,500. Contract suspensions with automatic reemployment after four years, with compensation of 20% of annual fixed salary and unemployment benefit will also be implemented. Those workers opting for relocation will be able to get four working days for the move and up to €1,000 towards moving costs. They will also receive a monthly bonus of €750 gross for geographic mobility for four years, and a consolidation payment of 10% of the monthly bonus at the end of the period (or 20% depending on the worker's performance)..


  • 21 October 2015: La Vanguardia
  • 21 October 2015: Cinco Días


Eurofound (2015), Cajamar, Internal restructuring in Spain, factsheet number 85154, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85154.