Tesco to pay higher severance than required

Retail

The Hungarian unit of UK retailer Tesco will provide the 564 workers it is laying off with higher severance pay than required by the law, CEO of Tesco Global Áruhazak Nigel Jones told Hungarian news agency MTI today.

Jones said most of the stores to be closed are outside of the capital of Budapest, but one is a Tesco Express in Budapest's District VIII.

On January 7, Tesco said it was anticipating the layoffs of 500-600 employees as a result of new legislation that has placed a heavy burden on retailers, primarily the supervisory fee that grew 60-fold, Hungarian daily Magyar Nemzet reported.

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