Hungary's Magyar Telekom plans to lay off 1,700 employees over the next two years due to the ‘highly competitive’ market conditions both in Hungary and in the global telecommunications market. The company will start to implement the changes as early as this year.
Magyar Telekom has assured staff that it will provide the laid off employees with the necessary tools such as active job search, labour market training and one-on-one counselling. Also, it has launched a voluntary layoff programme under which those who apply to be laid off receive extra benefits, it says.
At the same time, the company has said tath it has managed to reach an agreement with the employee representative bodies. Under the terms of the deal, it will continue to provide competitive remuneration to its employees remaining on board and maintain its relations with vendors.