The Hungarian incumbent Magyar Telekom has reached an agreement with trade unions that will result in around 350 of its employees being made redundant.
In addition, a further 160 are expected to leave the company due to a number of discontinued corporate projects.
The majority of the employees to be made redundant are expected to have left by the end of this year.
Magyar Telekom notes that it will provide active job search, labour market training and one-on-one counselling to the laid off staff, in the framework of Program Chance, which has proven its success in previous years.
It also says that it will reinvest a significant proportion of the expected employee cost savings in resources related to its strategic objectives.
Employees who remain at Magyar Telekom will see their salaries increase by an average of 5% at the beginning of 2018.