AUSTRIA: GOVT TO REIMBURSE POST, TELEKOM
Article Abstract:
The Austrian government, which has decided to raise the age of early retirement by 18 months, is to reimburse Telekom Austria and the Post Office for additional costs caused by the new regulations. The companies will not dismiss their elderly employees but send them home and pay 65-80% of salaries until the retirement age. Additional costs to the Post amount to Sch 900mn, those to Telekom to Sch 1.7bn. Also other state-owned companies have cut personnel through early retirement. The energy suppliers OMV and Verbund declined to comment on the government's unequal treatment of companies.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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AUSTRIA: LOSSES FOR POST
Article Abstract:
The Austrian Post expects to break even in 2000, while turnover is likely to remain stable. For the first half of 2000 the Post reports a loss on ordinary activities of Sch 14.3mn, compared with a profit of Sch 302mn in the year earlier period. Earnings before interest and taxes fell from Sch 233mn to a loss of Sch 138mn. The poor result is explained largely with the cuts in public subsidies for the distribution of newspapers by Sch 300mn. Moreover, personnel costs increased by 3.1%, and the modernisation programme requires extensive investments.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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