EMCC European Monitoring Centre on Change

Generali Seguros

Generali Seguros

Geographic Location

Country: Portugal


Sector: Financial services
Financial and insurance activities
65.1 - Insurance
Number Employed: 1200
Group: Generali Seguros

Employment Effects

Announcement Date: 04-11-2020
Planned Job Reductions min: 120
Planned Job Reductions max: 120
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 04-11-2020
Foreseen End Date: 31-12-2020

Additional Information

Generali, an Italian insurance company which owns the Portuguese firms Tranquilidade, Acoreana and Logo, has announced a redundancy process that will affect 10% of its workforce.  This process will occour in two phases: a voluntary redundancies stage ending 10 November 2020, and a stage in which the company will instate a compulsory redundancies programme. The company justify the decision in order to eliminate the duplication of jobs resulting from the merger process resulting from the acquisition of Seguradoras Unidas. 

Generali informs that the implementation model adopted maximises the social protection of the workers, specifically in the access to unemployment benefits. Those who are covered by the dismissal process will have access to health protection, maintenance of favorable conditions in personal insurance and the access to outplacement services to support reintegration into the labour market or, depending on the circumstances, in scheduling the transition to an active retirement situation.

At present, the company's workforce is 1,200 workers.