EMCC European Monitoring Centre on Change

Financial Agency (FINA)

Financial Agency (FINA)

Geographic Location

Country: Croatia
Region: Grad Zagreb; Kontinentalna Hrvatska; Hrvatska
Location of affected unit(s): City of Zagreb


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 2880
Group: Financial Agency (FINA)

Employment Effects

Announcement Date: 04-09-2021
Planned Job Reductions min: 300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-10-2021
Foreseen End Date: 02-11-2021
Direct Dismissals: 300

Additional Information

The Financial Agency (FINA) is going through a process of digitisation and therefore business restructuring. That means lay-off for 300 employees. According to a report sent to the Croatian Parliament, FINA had total revenues of HRK 778.2 million (€103.76 million) in 2020, which represents 17% less than in 2019. In 2020, close to 51% of FINA revenue (HRK 393.7 million or €52.5 million) was spent on staff costs for payment of salaries and other allowances (2,853 workers working in 175 branches). Management costs in 2020 amounted to HRK 6.4 million (€853,000). In FINA, payment transactions are less and less performed because this form of business has moved online. FINA is also developing some new digital services, so in the future it will need fewer branch offices and staff.

Before the onset of the COVID-19 pandemic, FINA was already working on the development of the Digital Transformation Strategy for the period 2021-2025, which sets new strategic guidelines and goals for the next five years. Part of the strategy refers to the optimisation of the process and organisational structure of FINA.  This will lead to a change in the organisational structure and the number of employees.

The president of the representative trade union said that they had only started talks with the employer on an annex to the collective agreement for severance pay. According to the accepted collective agreement, severance pay is 60% of the average salary paid in the last three months of service for a maximum net amount of HRK 175,000 (€23,333).