Hungarian Company Közgép Slashes Workforce In Half
- 14 Oct 2015 9:00 AM
Construction group Közgép yesterday announced that it will lay-off 350 employees, half of its staff, due to a plunge in new orders. The job losses will affect 283 administrative positions and 67 blue-collar jobs. Companies owned by Lajos Simicska have been hit hard by the loss of state orders since relations between the former financier of the Fidesz party and Prime Minister Viktor Orbán turned sour early this year.
The company said it has become impossible to get the same investment volume due to the decline in the civil engineering sector.
Közgép said it will meet severance payment obligations, and ongoing contracts will not be affected.
Source: Hungary Around the Clock
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