Magyar Telekom reaches agreement with unions over job cuts (Hungary)Hungary’s Magyar Telekom has reached an agreement with trade unions on its job reduction plans for 2008. The decision regarding group-level workforce reduction is expected to result in additional HUF 24 billion severance-related expenses in 2007, to be accounted in the fourth quarter. Workforce reduction-related expenses were HUF 7.3 billion in H1 2007. The already implemented headcount reductions and the new headcount reduction-related agreements are expected to result in an annual saving of HUF13 billion in group-level employee related expenses. The headcount reduction measures are expected to decrease the group-level headcount by 15 percent by end-2008 compared to end-June 2007.
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