October 8, 2010 / 1:31 PM / 10 years ago

Magyar Telekom to lay off 300 workers in 2011

BUDAPEST, Oct 8 (Reuters) - Magyar Telekom MTEL.BU plans to lay off 300 workers next year, not including the employment termination of executives and employees retiring, the company said in a statement on Friday.

“Total severance expenses related to the headcount reduction will be approximately 3.5 billion forints ($17.7 million). The majority of these expenses will be accounted for in the fourth quarter of 2010 and the remainder in 2011,” it said.

Magyar Telekom had also agreed with unions on an average pay rise of 4 percent for employees at the company from July 2011. (Reporting by Gergely Szakacs; Editing by Mike Nesbit) ($1=198.08 Hungarian Forint)

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