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Unions agree to cuts of 1,880 at Matáv

Unions have agreed to Matáv Rt's plans to eliminate 1,880 jobs to trim costs and reduce debt. The job cuts will take place in 2003 and 2004 and cost the company Ft 8 billion this year, Matáv said. Unions agreed to the 13% reduction in staff in return for an average 6.4% wage increase next year.

Analysts said the benefits of the layoffs are offset by the high costs, making the outlook not as positive as expected. Matáv will eliminate 1,430 jobs in 2003 and 450 the following year, the company said.

(BBJ 20.ix.02)

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