EMCC European Monitoring Centre on Change

Axa

Company/Organisation:
Axa

Geographic Location

Country: Belgium
Location of affected unit(s): Charleroi, Leuven and Eupen

Company

Sector: Financial services
Financial and insurance activities
65.1 - Insurance
Group: Axa Group

Employment Effects

Announcement Date: 05-09-2016
Planned Job Reductions min: 650
Planned Job Reductions max: 650
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2017

Additional Information

Axa, a French multinational insurance firm has announced the dismissal of 650 of its Belgian employees to take place starting in 2017. They attribute the cuts in part to ongoing low interest rates which have a particularly negative impact on the profit margins of life insurance policies. Administrative simplification is one of the other underlying reasons the company gives for making this decision. The plan foresees for example the transfer of group activities from Charleroi, Leuven and Eupen to Brussels. Given the nature of the company, the majority of the employees are white collar workers.

CEO Jef Van In said that a wide array of solutions will be available to avoid direct dismissals: early retirement, reductions in working time, retraining, etc. Trade union ACLVB has indicated that it does not expect this to be the final round of dismissals within the company. On top of the dismissals, remaining staff will see a reduction in pay and other fringe benefits.

More information on  the Latest working life developments in Belgium Q3 2016.