T-Hrvatski Telekom (Reuters: THTC.L, HT.ZA; Bloomberg: THTC LI, HTRA CZ, “the Group”), Croatia’s leading telecommunications provider, announces that it continues investing in service development, infrastructure and business processes still further in 2012 and has determined a surplus of around 450 staff, so has commenced activities prescribed by the Labor Act and Collective Agreement, which will take place during first quarter.
The average cost of severance and other statutory obligations per employee is approximately HRK 360,000 gross, provision for which was booked at the end of the 2011 financial year.