More than 7,400 jobs lost this year in Belgium

After Caterpillar last week announced it will cut 2,200 jobs in Belgium and insurer AXA announced it will lay off 650 employees, Le Soir reported on the total number of job losses so far in 2016. The newspaper found that 7,434 employees have been laid off in Belgium since January, a number that will likely continue to grow in the coming months.

Compared to 2014, when 10,682 people lost their jobs in Belgium, the number of layoffs in 2015 was exceptionally low (5,209). But 2016 seems to be heading towards another 'disastrous' year, with 1,400 jobs lost in the first three months, and another 2,930 layoffs announced in the second quarter. It appears that the third quarter will be even worse than the second, as the counter is already at 3,090 job losses.

In addition to AXA and Caterpillar, companies such as CP Bourg have also recently announced major restructuring plans, including job cuts. The Belgian manufacturer of printed material says 88 jobs are at risk. The bankruptcy at Truvo, publisher of the Yellow Pages, adds another 530 redundancies to the 2016 list, while supermarket chain Makro laid off 568 people, chemical company Dow Corning 110, machinery company Doosan 167 and SAS Automotive 197.

Companies are restructuring now, while it is still possible to send employees over 55 into early retirement, according to Le Soir. Starting next year, however, the age will increase to 57 years, forcing companies to lay off even more younger workers.