EMCC European Monitoring Centre on Change



Geographic Location

Country: Spain


Sector: Financial services
Financial and insurance activities
65.1 - Insurance
Number Employed: 11000

Employment Effects

Announcement Date: 26-07-2021
Planned Job Reductions min: 250
Type of Restructuring: Internal restructuring
Other Job Reduction Measures: 250

Additional Information

Spanish insurance services company Mapfre, present in 49 countries, announced a voluntary early retirement plan in Spain that will affect around 250 employees of a certain age and in jobs that will disappear due to the company's digital transformation process. The final number of affected workers will depend on the number of voluntary applications. The company is an important player in the Spanish and global insurance sector and is the tenth largest company in the sector in Europe and the third in Latin America.

The company created 150 jobs previously in July 2019.


Update 28/09/2021: Mapfre has started the implementation of a voluntary redundancy plan for its workforce, which will affect 250 people, although the final figure will depend on the number of requests and whether the agreed age and seniority requirements are met. According to the unions, the final agreement establishes that the plan will only affect workers between 57 and 63 years of age, and those affected will receive 70% of their annual salary (gross and variable remuneration).