If CaixaBank continues with its potential securing of Novo Banco, the Portuguese Government has made it clear: no unemployment benefits will be paid for work cuts past the legal severance standard.
Although Lisbon has no legal grounds to piece the Spanish bank’s takeover, it has educated CaixaBank — which as of now claims BPI — that it won’t give the combined substance “recovery company” status, a classification that ordinarily opens get to to state-supported unemployment benefits.
Agreeing to Diário de Notícias, the procurement seem result within the end of 2,000 to 3,000 occupations, essentially surpassing the cap for benefit-eligible terminations. Which means CaixaBank would be on the snare for an extra €200–300 million in layoff-related costs — possibly reshaping the money related rationale of the bargain.
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