Magyar Telekom, Unions Agree on Wage Raise

Telco

Magyar Telekom Headquarters

Magyar Telekom on Monday said it reached an agreement with unions on pay rises and one-off compensation to counter the effects of inflation, according to a report by state news wire MTI.

Magyar Telekom will pay HUF 3 billion to employees to help cover higher living costs, to be booked in Q3 2022. From January 1, 2023, salary increases will add HUF 4.2 bln to payroll costs.

The company said it will not start a headcount reduction program but has put in place a voluntary scheme "with a limited scope".

The deal impacts employees at Magyar Telekom and T-Systems Hungary.

Magyar Telekom's payroll costs reached HUF 75.9 bln last year.

ADVERTISEMENT

Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga Analysis

Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed

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.