Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
After reaching agreement with trade unions, Magyar Telekom Nyrt., the major telecommunications provider in Hungary, has announced both the level of pay rise and a mass redundancy measure in the company for 2009. While salaries were increased by 5.5 as opposed to 5.6% the previous year, the number of employees to be dismissed has shrunk from 1700 (last year, due to restructuring and dismissals work force decreased from 12262 to 10559) to 300 employees this year. Thus this year's lay-offs fit into the company's medium term internal restructuring scheme. From the beginning of 2009, the company also initiated the implementation of its Total Workforce Management programme to help indicate the total cost of its employees.
Eurofound (2008), Magyar Telekom, Internal restructuring in Hungary, factsheet number 69236, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69236.