Equity
Hungary MOL to axe jobs
“MOL will let go 220 of its more than 5,400 employees," Dóra Somlyai, MOL's communications director, told Portfolio.hu.
The layoffs will be carried out gradually during 2009. MOL is currently handing out the preliminary notifications to the affected employees. One third of the downsizing will classify as early retirement.
“MOL started preparations to adapt to the conditions of the altered economic environment already last year when it reviewed its investments and expenses. Under its efficiency enhancement programme, and with the aim to ensure long-term and stable operations, it has made a revision of job areas, determining the size of workforce necessary to carry out certain tasks. Regarding the planned staff cuts, the company is only executing a rationalisation that is based on the findings of the efficiency project. In order to achieve the previously announced savings it continues to focus on solutions other than downsizing," Somlyai said.
She added that the layoffs affect only the parent company and that no further large staff cuts are to be put into effect at other members of the group.
The layoffs will be carried out gradually during 2009. MOL is currently handing out the preliminary notifications to the affected employees. One third of the downsizing will classify as early retirement.
“MOL started preparations to adapt to the conditions of the altered economic environment already last year when it reviewed its investments and expenses. Under its efficiency enhancement programme, and with the aim to ensure long-term and stable operations, it has made a revision of job areas, determining the size of workforce necessary to carry out certain tasks. Regarding the planned staff cuts, the company is only executing a rationalisation that is based on the findings of the efficiency project. In order to achieve the previously announced savings it continues to focus on solutions other than downsizing," Somlyai said.
She added that the layoffs affect only the parent company and that no further large staff cuts are to be put into effect at other members of the group.
