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.
Magyar Telekom, the Hungarian affiliate of Deutsche Telekom, announced that it will cut its workforce by 400 staff. Much of the dismissals will take place during the first quarter of 2019. The measure, according to the agreement negotiated with the employee representatives, will be linked to a wage rise of 6 percent on average for the remaining staff starting 1 April 2019. The firm will also spend HUF 4.3 billion (€ 13.3 million) on severance payments.
This layoff is part of a long-term process of reducing labour costs: sizeable workforce cuts were implemented in the previous three years as well.
Magyar Telekom is the largest telecommunication firm in Hungary, with a workforce of nearly 7000 employees.
Eurofound (2018), Magyar Telekom, Internal restructuring in Hungary, factsheet number 96211, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96211.
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