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.
The Spanish subsidiary of the bank Novo Banco has agreed with the company's trade unions to initiate a labour force adjustment affecting 125 workers. This is a reduction from the company's initial proposal, which suggested a dismissal of 145 workers. Severance pay agreed will be higher than required by new Spanish regulation (20 days per year worked). Instead workers will receive severance pay equal to 33 days per year worked up to a maximum of 24 months. Employees who are older than 54 years will be able to avail of a special programme which entitles them to receive 85% of their current wage until they are 60 years old.
Eurofound (2016), Novo Banco, Internal restructuring in Spain, factsheet number 87153, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/87153.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
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Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
