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 subsidiary of Deutsche Telekom, announced a 350 persons dismissal by the end of 2017, after coming to an agreement with the trade unions. A further 160 employees are planned to be made redundant in the near future due to decreasing human resource requirements in some projects.
At the same time Magyar Telekom promised an average 5 % increase in wages for the remaining employees across the board and training and consultancy support to those being made redundant. Severance payments are estimated to amount to a total of HUF 2.8 billion (EUR 9.1 million).
Magyar Telekom has been steadily decreasing its workforce in recent years, the planned 510 person layoff means a 5.5 % drop from the 9,226 workforce of June 2017.
Eurofound (2017), Magyar Telekom, Internal restructuring in Hungary, factsheet number 92281, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92281.