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.
Following discussions with their trade unions, Magyar Telekom has announced that they will lay off 300 employees from their Budapest location in 2011. The company's restructuring efforts will reduce labor costs by more than 8% in 2011 compared to two years earlier. Severance pay related to the layoffs will come to about HUF 3.5 billion. Unions agreed to a 4% pay rise for 2011, to come into effect from July. More specifically, about 520 of the company's higher paid staff will be entitled to an average wage increase of 2%.
Eurofound (2010), Magyar Telekom, Internal restructuring in Hungary, factsheet number 71031, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71031.