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 infrastructures management company Ferrovial will apply a labour force adjustment (ERE) affecting 417 employees. Dismissals will affect workers that offer on-board services on the long-distance high speed train (AVE) operated by Renfe. These workers are employed by Ferrovial under a four year contract.
The measure is blamed on changes in passenger demands. According to the company, there was a drop in the sale of business class tickets that require the provision of food services at the seat.
The company has offered dismissed workers the chance to take a four-year leave of absence (the time that the contract lasts) while their job is maintained. In addition, they would receive severance pay equal to four months. 140 workers have already accepted the offer.
Update, 04-04-2014:
The Company has reached an agreement with the unions UGT and CCOO. Acordingly, only 266 instead of 417 of the workers will be made redundant. In addition, wages will be reduced by 5.25%. Dismissed workers with tenure equal to 9 years or less will receive a severance pay equal to 33 days per year worked. Dismissed workers with tenure equal to 10 to 15 years will receive a severance pay equal to 30 days per year worked. 191 workers have already accepted to take part in the labour force adjustment.
Eurofound (2014), Ferrovial, Internal restructuring in Spain, factsheet number 76741, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76741.
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