Following a fifteen-day negotiating period between NPG Wealth Management and numerous trade unions, a social plan was agreed upon, with a total of forty-seven jobs being cut from the company.
Management had initially planned to cut fifty-five jobs, but during negotiations, the collective bargaining was able to reduce this number by eight.
In the agreed social plan, various social and financial support measures were included to help the employees through this period of transition, including extra-legal benefits based on seniority and age of the employee, compensation based on the employee’s family situation, possibility of an extended notice period for employees who have not found work by the end of the legal notice, as well as a set budget for outplacement or training for the employees.
An internal joint committee will manage and monitor the implementation of the social plan.
