T-Hrvatski Telekom (Reuters: THTC.L, HT.ZA; Bloomberg: THTC LI, HTRA CZ), Croatia’s leading telecommunications provider, announces that as part of its continuing program of rationalization of business processes and efficiency improvements, it will reduce its headcount by around 300 staff in 2011.
In 2010, the Group’s Surplus Management Programme was not implemented due to the Social Partnership Agreement signed with unions in November 2009.
The average cost of severance and other statutory obligations per employee included in the Surplus Management Programme is approx. HRK 350.000 gross, provision for most of which was booked in the 2009 financial year. The remainder has been provisioned within the 2010 financial year.