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 largest Hungarian telecommunication service provider, announced the dismissal of 450 employees in 2020. The layoffs are part of a restructuring program that aims at flattening the organisation to make it more efficient, according to the management. The firm reached a deal regarding the layoff with the unions as a part of the wage agreement that entails an average wage raise of 5 percent for the non-managerial staff, effective from April 2020.
Most of the affected workforce will depart in the first quarter of 2020. Magyar Telekom offers job search training, personal consultation and direct help for job search to dismissed personnel.
This is not the first time when the wage agreement includes a reduction of workforce: one year ago, a layoff of 400 employees was agreed upon during the wage negotiations.
Eurofound (2019), Magyar Telekom, Internal restructuring in Hungary, factsheet number 99368, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99368.
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