T-Hrvatski Telekom to Lay Off 450T-Hrvatski Telekom to Lay Off 450
Deutsche Telekom's Croatian unit to reduce headcount in face of increased competition and tougher economic climate
January 11, 2012
ZAGREB -- Within the scope of the restructuring process, Hrvatski Telekom (HT) plans to reduce the number of employees, laying off approximately 450 workers. The reasons for such headcount reduction are related to trends on the telecommunications market and to new circumstances in business operation. In addition to the global trend of decreasing revenue from telecommunications core businesses, the decrease of the overall value of the Croatian telecom market from 15 to 13 billion HRK throughout the last three years, the ever-increasing impact of competition, regulatory changes and decreased purchase power in Croatia, a substantial factor are also investments made by the Company in advanced technology, development of services and infrastructure and improvement of business processes.
HT's approach to the headcount reduction and surplus management process is marked by full social sensitivity and responsibility. When leaving the Company, employees are paid out severance packages in average gross amounts of 360,000 HRK, which equals two years of average salary at HT and which is the highest amount granted as severance pay in Croatia, on average, six times more than the amount prescribed by law.
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