Hungary - Telekom agreement foresees job cuts and pay increase - October 31, 2017

The management of Magyar Telekom (MTel) reached an agreement with the trade unions on a reduction of staff and wage rises for 2018. MTel said it would lay off 350 staff under the agreement. Most of the layoffs are expected to take place by the end of 2017. A further 160 employees are expected to leave the company as a result of an ongoing restructuring. MTel estimated severance pay for staff made redundant would reach HUF 2.8 billion, most of which will be accounted in Q4 2017. Under the agreement, salaries will rise by an average 5% from the start of 2018.

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