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Magyar Telekom to cut 450 jobs

Telecommunications company Magyar Telekom will let go of 450 of its employees in the first quarter of the next year, while increasing the wage of non-managerial employees, according to a report by news site hrportal.hu.

The company expects the costs related to severance payments to amount to HUF 4.9 billion. Most of these payments will be taken care of in Q1 2020, the report says.

From April 1, 2020, employees in non-managerial positions will receive a wage hike. The average rate of increase will be 5%.

"Thanks to the above-mentioned actions and other accepted changes in the allowance structure, the personnel costs of the parent company, excluding severance pay, will decrease by approximately 3% in 2020, compared to 2019."