Cargo Slovakia to lay off 2,000 workers in 2011.

By bne IntelliNews December 24, 2010
The board of directors of state-run railway freight company Cargo Slovakia approved the business plan for 2011 and will lay off about 2,000 workers or approximately 20% of all employees, news agency SITA reported. However, the company negotiated with the labour offices to find new jobs for the fired workers. They will also receive compensations based on the period they had worked for Cargo and the company will prepare a social program for them. Martin Halanda, spokesman for Cargo, said that further details of the business plan will be discussed in Jan 2011 but the company will not accept increase of personnel costs. Previously it was announced that the company expects a loss of EUR 99.4mn in 2010 compared to earlier projections for a loss of EUR 82mn. In 2009, the loss was EUR 126.6mn. Both operating revenues and costs are expected to exceed initial forecasts in 2010. Cargo Slovakia expects to retain a positive trend regarding the volume in transported cargo in 2010 and 2011.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss