• Home
• Channel: Business
• Hungarian Telekom To Cut 450 Jobs

Hungarian Telekom To Cut 450 Jobs

• 6 Dec 2019 7:50 AM
• Budapest Business Journal

Telecommunications company Magyar Telekom will let go of 450 of its employees in the first quarter of the next year, while increasing the wage of non-managerial employees, according to a report by news site hrportal.hu.

The company expects the costs related to severance payments to amount to HUF 4.9 billion. Most of these payments will be taken care of in Q1 2020, the report says.

From April 1, 2020, employees in non-managerial positions will receive a wage hike. The average rate of increase will be 5%.

"Thanks to the above-mentioned actions and other accepted changes in the allowance structure, the personnel costs of the parent company, excluding severance pay, will decrease by approximately 3% in 2020, compared to 2019."

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• Magyar Telekom Telekom Cut Jobs

XpatLoop Media Partner

Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

Explore More Reports

Inquiry Started After Factory Hires Foreigners Ahead of Hungarians

• 23 Jan 2024 8:13 AM

The Economy Ministry has launched an inquiry after Asian workers were hired instead of Hungarians in a factory in Salgotarjan.



Big Build: Lego to Invest HUF 54 Billion at Base in Hungary

• 29 Sep 2023 8:07 AM

Danish toy manufacturer LEGO will invest 54 billion forints in 2023-2025 to expand packaging and warehouse capacities at its base in Nyiregyhaza, in north-east Hungary, creating 300 jobs, Péter Szijjártó, the foreign minister said.



Even More Chinese Companies Will Invest Billions of Forints in Hungary

• 28 Jun 2023 10:15 AM

Agreements have been reached with two Chinese companies on their investments worth a combined 35 billion forints (EUR 94.7m) in Hungary, Péter Szijjártó, the foreign affairs and trade minister, said in Tianjin, in northern China.