51.2 Employment restructuring process

On 9 March 2017, the Management Boards of PZU and PZU Życie decided to continue restructuring of employment in PZU and PZU Życie. The Management Boards of PZU and PZU Życie addressed the trade unions operating at PZU and PZU Życie to start working on agreements concerning group releases.

The restructuring of employment in PZU and PZU Życie is planned for the period between 24 March and 18 December 2017. The restructuring process will cover up to 1,944 people with estimations seeing 956 employees of PZU and PZU Życie from various professional groups subject to employment reduction.

The costs associated with payment of benefits to employees released due to employment restructuring are assessed in the budget of PZU for 2017 and will be included in the annual consolidated financial statement for the year 2017.

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