Different country, so different working law. Redundancies have to be done on both sides. Both captains and first officers have to take their share, generally last in/upgraded first out, however additional things that have to be taken into account, for example age (yes, that is required by law), kids and non-working spouses/ex-spouses and any offically recognized disabilities (those are kinda rare for pilots).
As a result it is often a good idea to think twice if uprades are offered when the company is in a difficult situation, as one is the first to get fired as a freshly upgrades captain, but the last one as the highest FO on the list.