INA approves €13 mln severance pay package
Croatian oil and gas company INA, a unit of Hungary's MOL, is planning to set aside more than HRK 100 mln (€13 mln) for severance pay for 338 workers it is laying off, Croatian news agency HINA reported yesterday.
Layoffs would appear to be an intermediate step toward increasing efficiency at INA's refineries. MOL has been pressuring INA to close down its Sisak refinery, which the Hungarian ownership calls inefficient, but INA has resisted that move so far.
According to the news service, INA’s management took a unanimous decision on the compensation. INA justified the layoffs by emphasizing "the need to increase efficiency and maintain long-term competitiveness", HINA added, citing a company announcement.
INA has 13,460 employees at group level, according to a company profile available on their website.
Citing an unofficial source, HINA said that INA could make a decision on its refining business in a month's time.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.