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
400 jobs Number of planned job losses
Announcement Date
14 December 2018
Employment effect (start)
14 December 2018
Foreseen end date
30 June 2019
Description
Magyar Telekom, the Hungarian affiliate of Deutsche Telekom, announced that it will cut its workforce by 400 staff. Much of the dismissals will take place during the first quarter of 2019. The measure, according to the agreement negotiated with the employee representatives, will be linked to a wage rise of 6 percent on average for the remaining staff starting 1 April 2019. The firm will also spend HUF 4.3 billion (€ 13.3 million) on severance payments.
This layoff is part of a long-term process of reducing labour costs: sizeable workforce cuts were implemented in the previous three years as well.
Magyar Telekom is the largest telecommunication firm in Hungary, with a workforce of nearly 7000 employees.
Sources
Citation
Eurofound (2018), Magyar Telekom, Internal restructuring in Hungary, factsheet number 96211, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96211.
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.
