Press Releases

Budapest, October 8, 2010 15:00

Magyar Telekom reached an agreement with the employee representative bodies active at the company regarding the year-2011 wage increase, downsizing and fringe benefits.

Magyar Telekom employees' wages will be increased by an overall 4% effective from July 2011, however, higher paid employees receive a raise of 2%. In addition, the Company continues to recognize its employees' performance by providing a fringe benefit system of unique value in Hungarian comparison.

Under the agreement with the employee representative bodies, 300 employees will be subject to downsizing. This number does not include departing managers, retirees and those who opt to accept the special opportunity offered by the Company to be transferred to so-called stand-by status until retirement. The total cost of the downsizing effort, most of which is to take place by the end of the year, is close to HUF 3.5 billion. Departing employees get support to find employment elsewhere through the Chance program, including active search for jobs, labor market training and retraining courses.

Magyar Telekom's management is firmly committed to ensure that Hungary's market leading telecommunications company remain to be a Best Employer for its employees.

On the basis of feedback provided by its employees, Magyar Telekom won Hungary's Best Employer Award last year, and the Best Employer Award of Central-Eastern-Europe this summer.