EMCC European Monitoring Centre on Change

ING Pojišťovna

Company/Organisation:
ING Pojišťovna

Geographic Location

Country: Czechia
Region: Hlavni mesto Praha; Praha
Location of affected unit(s): Praha

Company

Sector: Financial services
Financial and insurance activities
65.1 - Insurance
Number Employed: 683
Group: ING

Employment Effects

Announcement Date: 04-12-2012
Planned Job Reductions min: 119
Planned Job Reductions max: 119
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2013
Foreseen End Date: 31-12-2013
Direct Dismissals: 52
Other Job Reduction Measures: 67

Additional Information

ING Insurance Company will release 119 out of 683 employees of the Prague headquarters during 2013 as part of a restructuring plan, aiming at reducing costs and enhancing competitiveness.

Workforce reduction will reportedly affect even managerial positions, but no specific details were given. 52 employees will be directly dismissed, while the rest of the departures will occur through natural attrition.

The redundancies are associated with the decision to initiate a reorganization program that should deliver savings of CZK 125 million (EUR 5 million). The planned job cuts will save about CZK 90 million.