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.
Information / Communication Information Communication Services Telecommunications 61.10 - Wired telecommunications activities
450 jobs Number of planned job losses
Announcement Date
4 December 2019
Employment effect (start)
1 January 2020
Foreseen end date
30 June 2020
Description
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99368.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
