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.
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.
Eurofound (2015), Kutxabank, Internal restructuring in Spain, factsheet number 85195, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85195.
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