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.
South, Iberia's handling subsidiary, signed yesterday with trade unions UGT and CCOO an agreement on the employment regulation file (ERE) that will involve the departure of 1,500 employees out of a workforce of 8,400 people, including auxiliary services, administrative and office staff. These redundancies were already planned in the context of the creation of this company, after Iberia lost ground handling services to third parties in the ramp category in most of the main Spanish airports, which led to a confrontation with Aena (Spain's main airport management company), which had awarded the contracts to other competitors.
Unable to operate for third-party airlines, Iberia argued that the activity was not profitable at the airports and proposed the transfer the employees to the winning contractors at the airports where it lost it bid. In the end, it agreed with the trade union organisations on the departure of older workers, which allowed the reduction of labour costs and continue to provide the service to IAG companies (Vueling, British Airways and Aer Lingus, as well as Iberia, Iberia Express and Air Nostrum).
The agreement includes voluntary early retirements for those who reach the age of 60 before 31 December 2026. Initially, South wants to implement the first departures in the first weeks of 2025. The deadline for joining the ERE will begin on 11 December and end on 27 December. There are two modalities for the ERE, namely i) contractual termination as pre-retirement for those over 60 years of age, for which 50% of the regulatory salary is paid and tickets can continue to be used free of charge, and ii) incentivised departures with a severance payment of 21 days per year worked.
Eurofound (2024), South, Internal restructuring in Spain, factsheet number 202033, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/202033.
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