Metro Madrid and the unions have agreed the basis for a voluntary ERE which will affect 670 workers.
The ERE is dependent upon agreement of various productivity and other measures currently being negotiated under the Collective Agreement for 2013 to 2015 and will, in most cases, affect employees aged 58 years or older.
The minimum compensation will be twenty days per year of service up to a maximum of twelve months. Average compensation is expected to be in the region of 85% of net salary.
The ERE is expected to reduce Madrid Metro’s wage bill by €47 million in 2014 and 2015 and €119 million by 2020. The Madrid Metro has suffered a decline in passenger numbers since 2008 and has embarked on an ambitious cost-cutting programme.