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Poland's TPSA to Cut Nearly 3,000 Jobs Over Two Years

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Poland's Telekomunikacja Polska (TPSA) has announced plans that could see around 15 percent of its staff made redundant by the end of 2015.

The company, which is controlled by France's Orange says that it will cut nearly 3,000 of its 20,500 jobs through 2015.

It said that it needs to cut costs due to intensifying competition from rivals leading to lower sales, and regulatory imposed cuts.

The company has a long term plan to reduce its staffing levels to 15,000 employees by 2017.

Staff being made redundant will be offered severance packages ranging from 4 to 15 times their monthly wage depending on length of employment with the company.

Earlier this year, both the Chairman and CEO announced their planned retirements from the company.

TPSA has struggled against rising competitiveness in the market for the past couple of years, and had its debt ratings put on a negative outlook just over a year ago.

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Tags: tpsa  Poland