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

250 jobs
Number of planned job losses
Job loss
Announcement Date
18 October 2011
Employment effect (start)
25 October 2011
Foreseen end date

Description

On 18 October 2011, Hungarian telecommunications company Magyar Telecom agreed with the trade unions a social plans envisaging the layoff of 250 employees until 2012. This count does not include additional redundancies implemented through retirement and job cuts affecting 24% of executive positions.

Management and unions also agreed that there would be no general increase in base salary for employees in 2012. However, benefits in kind will be increased for low-earning employees due to personal income tax changes.


Sources

  • 19 October 2011: Budapest Business Journal
  • 18 October 2011: Világ Gazdaság
  • 18 October 2011: MenedzserFórum

Citation

Eurofound (2011), Magyar Telekom, Internal restructuring in Hungary, factsheet number 72628, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72628.