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On 18 December 2014, the Management Board of PZU adopted a decision to commence restructuring activities related to the implementation of the new IT systems and automation of operating processes.
On 8 April 2015, the Management Boards for PZU and PZU Życie announced their intention to carry out group redundancies, in accordance to the Act from 13 March 2003 on special principles of employment termination for reasons not related to employees (Journal of Laws of 2003, item 844, as amended). "Act on special principles of employment termination").
On 10 April 2015, PZU, PZU Życie and the trade unions operating at these companies signed an agreement setting out the terms and conditions of employment restructuring. The final form of the document was based on the experience and solutions developed during the corresponding negotiations in previous years.
Employment restructuring was conducted during the planned period (May–June 2015) and finally encompassed 267 people within PZU and PZU Życie, while the employment downsizing applied to 134 employees.
The people who were dismissed or who did not accept the changes in the terms and conditions of employment (just as during all stages of employment restructuring, namely in 2010–2014) were offered more favorable conditions of leaving than those provided by law in similar situations (Act on special principles of employment termination). The amount of additional redundancy pay depended on the length of service with PZU Group and the salary of each employee.
The costs associated with the payment of benefits to the dismissed employees where charged to restructuring expenses, which as at 31 December 2015 amounted to PLN 2,777 thousand (as at 31 December 2014: PLN 9,354 thousand)
