The recent bankruptcy drama surrounding furniture giant Kika/Leiner is particularly dramatic shortly before the holidays. 1,350 employees across Austria are affected, including up to 190 in Vienna. While other states are still hesitant, Vienna is already setting up a safety net for those affected.
To this end, the city of Vienna establishes an insolvency foundation, the Vienna Employees’ Promotion Fund (waff). “A company bankruptcy is a shock. But we will not abandon those affected,” emphasizes Councilor for Economic Affairs Peter Hanke. Together with trade unions, works councils, the Vienna Chamber of Labor and the AMS Vienna, waff provides rapid support – be it through job placement, retraining or further training.
Maximum three years for further training
The insolvency foundation allows those affected to reorient their careers for up to three years. During this time, unemployed people receive support from the AMS and a monthly subsidy of 100 euros from Waff. This time can be used to gain qualifications such as apprenticeships, studies or additional qualifications. “Together we will be able to support everyone on the path to an individually tailored solution,” says Winfried Göschl, boss of AMS Vienna, optimistically.
Half a million before 2025
The city of Vienna will provide enough places for 2025. More than half a million euros will flow to the insolvency foundation to pave the way for a successful new start for those affected. Over the past ten years, 254 people whose companies have gone bankrupt have already benefited from this. Companies such as Level Europe, Thomas Cook and Vapiano are examples of this.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
