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.
On 16 August 2005, the Ministry of Agriculture, Forestry and Rural Development (Ministerul Agriculturii, Pădurilor şi Dezvoltării Rurale, MAPDR), issued a press release announcing that the state-owned company of land development, Societatea Naţională de Îmbunătăţiri Funciare (SNIF), will dismiss half of its workforce in the course of 2005. According to the redundancy programme, 2,800 employees out of a 4,100-strong workforce will be leaving the company. Redundancies will be on request; some 2,362 employees will be leaving the company starting on 22 August 2005. Most of these employees are electro-mechanics and hydro agents. SNIF management is expecting another 350-450 redundancy applications, which will be finalised in the second half of October 2005. According to statements by the general manager of SNIF, employees opted for voluntary redundancy due to the fact that irrigation activities have been considerably reduced and wages could not be paid in full. Moreover, the demand for irrigation works has been affected by the numerous floods that have hit Romania during the summer. Employees leaving the company will receive three months' wages from SNIF (one for the annual leave not taken and two for redundancy), and in addition the equivalent of 20 average national wages, to be provided through a programme initiated by the Ministry of Labour, Social Solidarity and Family (Ministerul Muncii, Solidarităţii Sociale şi Familiei, MMSSF). The financial effort made by SNIF amounts to approximately €780,000. At the same time, SNIF expects to raise the company's efficiency with this measure.
Eurofound (2005), Societatea Naţională de Îmbunătăţiri Funciare, Internal restructuring in Romania, factsheet number 62212, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62212.
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