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.
Zagreb Holding, the city-owned utility company announces the layoffs of 447 employees, mostly administrative staff and former directors and managers on various positions. The Holding has been in deep financial problems for a long period, among other reasons because of the significant surplus of employees. Next to the list of the 450 names for layoffs, there is a list of 280 vacancies that will be offered to those leaving. In addition, money is provided for the severance payment, and everyone is entitled to HRK 5,000 (EUR 664) per year of service. For the noteworthy number of the Holding’s employees it will be relatively hard to find a new job due to fact that there are relatively old, with inadequate educational attainment and because some of them worked 20 or 30 years on the same position in the Holding.
Representative trade unions, mostly affiliated to the Union of the Autonomous Trade Union of Croatia (UATUC), who participated in the negotiations with the Zagreb Holding management on lay-offs, demanded that the restructuring plan to be prepared before the lay-offs. The trade unionists also accused the Zagreb Holding management of non-transparent negotiations on redundancies. Some other unions, mostly not affiliated to the UATUC, deem that many of positions for directors and managers were artificially invented. On the other side, the Management of the company issues an announcement in which it states that the whole procedure of layoffs was fully legal and in accordance with the existing Labour Act. This is the second wave of the restructuring in Zagreb Holding and it comes after another one in 2021 year (Zagreb Holding 2021 - HR ).
Eurofound (2022), Zagreb Holding , Internal restructuring in Croatia, factsheet number 106516, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106516.
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