The Hungarian telecommunications company Magyar Telekom is slashing its 7,500 workforce by 500 employees, the majority of whom will have to leave the company by the end of the year. The move is a way for Magyar Telekom to be more cost effective, as it tries to reconstruct its operating structure. Approximately HUF 6bn has been set aside for severance packages, but the news will likely to be a blow to those who now face a weak employment market as Hungary struggles with recession.
