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.
On 18 October 2011, Hungarian telecommunications company Magyar Telecom agreed with the trade unions a social plans envisaging the layoff of 250 employees until 2012. This count does not include additional redundancies implemented through retirement and job cuts affecting 24% of executive positions.
Management and unions also agreed that there would be no general increase in base salary for employees in 2012. However, benefits in kind will be increased for low-earning employees due to personal income tax changes.
Eurofound (2011), Magyar Telekom, Internal restructuring in Hungary, factsheet number 72628, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72628.