On 08 March Unicredit together with the unions signed an agreement on managing ‘surplus’ executive staff. This is the first of its kind agreement in the sector addressing executive staff departures. The agreement provides for several different measures as alternatives to collective lay-offs ranging from age-related voluntary departures to subsequent re-hiring albeit at a lower grade and pay scale. In another departure, all executives in Unicredit will partially finance a solidarity measure aimed at lessening the social impact of restructuring.
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