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

276 jobs
Number of planned job losses
Job loss
30 jobs
Number of planned job creations
Job creation
Announcement Date
22 October 2015
Employment effect (start)
Foreseen end date

Description

Spanish bank, Kutxabank, has proposed an employment adjustment plan affecting 276 employees to trade unions. The bank aims to implement the adjustment by means of an early retirement plan addressed to employees born 1953, 1954 and part of 1955. In addition, the company plans to offer voluntary redundancies and apply for temporary lay-offs and a reduction in working hours. However, the number of workers affected in these additional measures has not yet been specified. Currently the company has 1,022 branches, employing 6,446 people.

Update 3/11/2015:The Spanish bank Kutxabank has achieved an agreement with the trade unions CCOO and Pixkanaka. The number of workers affected has not changed. However, the company has improved early retirement compensation payments. The compensation payments these employees will be entitled to is equal to 80% of their salary during the first 12 months after their early retirement, and to 76.5% of the total after. The bank will also offer a 22 year pension plan which will be paid in one single payment. Finally, it is worth noting that the company has promised to hire 30 more workers on a permanent basis.  


Sources

  • 22 October 2015: El Mundo
  • 3 November 2015: Expansi√≥n

Citation

Eurofound (2015), Kutxabank, Internal restructuring in Spain, factsheet number 85195, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85195.