Type
Internal restructuring
Country
Hungary
Region
Location of affected unit(s)
NA
Sector
Information / Communication
Information Communication Services
Telecommunications
61 - Telecommunications

1,700 jobs
Number of planned job losses
Job loss
Announcement Date
24 July 2014
Employment effect (start)
1 October 2014
Foreseen end date
1 January 2016

Description

Hungarian telecommunications company Magyar Telekom, subsidiary of Deutsche Telekom, is to cut 1,700 jobs. As announced the company has reached an agreement with the employee representatives on a restructuring plan envisaging job reduction measures in the following two years.

According to the sources the company announced support measures for the affected staff. The cost-cutting measure is in the framework of a corporate strategy plan aiming at enhancing its flexibility in a demanding market environment.

 


Sources

  • 24 July 2014: BBJ
  • 24 July 2014: Index
  • 24 July 2014: Magyar Telekom (press release)

Citation

Eurofound (2014), Magyar Telekom, Internal restructuring in Hungary, factsheet number 77343, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77343.