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.
Magyar Telekom will lay off 300 staff at the parent company in 2011. The company reached an agreement with trade unions on layoffs and wages that will reduce labor costs by more than 8% in 2011 compared to two years earlier. Retiring staff will not be included in the number. Severance pay related to the layoffs will come to about HUF 3.5 billion, to be booked in Q4 2010 and 2011. Unions agreed to a 4% pay rise for 2011, to come into effect from July. About 520 of the company's higher paid staff will be entitled to an average wage increase of 2%.
Sources
8 October 2010: www.reuters.com
11 October 2010: www.telecompaper.com
8 October 2010: www.bbj.hu
19 April 2011: budapesttimes.hu
Citation
Eurofound (2010), Magyar Telekom, Internal restructuring in Hungary, factsheet number 71030, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71030.
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