Magyar Telekom to lay off 500
Magyar Telekom on Monday said it plans to make 500 employees redundant in 2013. The company said it reached an agreement with trade unions on the layoffs and other cost efficiency measures at its Hungarian business for 2013.
Most of the layoffs are expected to take place by the end of 2012, it added. The 500 layoffs do not include termination of executives or retiring employees. Severance costs related to the layoffs will come to about HUF 6.0 billion, to be booked in Q4 2012. Under the agreement with unions, Magyar Telekom will raise the base salary of employees at the parent company by 4% from April 2013. Magyar Telekom said it aims to reduce total workforce management related costs, excluding severance and capitalised employee expenses, by HUF 5.8 billion in 2013. In 2008-2013, it sees these costs decreasing by 18.4%.
ADVERTISEMENT
Number of Liquidations Increasing Rapidly
Orbán's Salary Increased to HUF 4.178 mln
Hungary Tops out HUF 300bn Munitions Complex
Around 2,800 Events Take Place in European Capital of Cultur...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.
