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.
Altice Portugal, part of the Dutch Altice Group, a company that provide innovative and digital solutions, launched an internal restructuring programme involving 2000 employees.
The consequences of the COVID-19 crisis is the main reason pointed out for this decision.
Initially, terminations will be voluntary, which will depend on the will and initiative of the worker, and priority will be given to those over 55 years of age, later it will be extended to all workers, with no age limit. The company expect that 1,000 workers adhere to the programme. For workers who adhere to the programme, the company is proposing to continue paying 80% of the basic salary and seniority, plus 40% of other allowances. It also guarantees the Health Care Plan and the benefits of communications.
According to the company, this programme aims to make the company more agile, more efficient and more adapted to face the increasingly complex and difficult reality. Moreover, Altice added that these measures will allow the company to continue to grow and reaffirm itself as a leader.
Overall, 8,000 direct jobs and 20,000 indirect jobs are at risk in Altice's universe. The news follows 800 voluntary leaves in March 2019.
Eurofound (2021), Altice Portugal, Internal restructuring in Portugal, factsheet number 103910, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/103910.
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