Employment, Financial Services, Lithuania, Railways, Transport

International Internet Magazine. Baltic States news & analytics Friday, 22.09.2017, 09:26

Lithuanian Railways trims workforce by 10%

BC, Vilnius, 14.09.2017.Print version
Lietuvos Gelezinkeliai (Lithuanian Railways, or LG) has cut its workforce by nearly 1,100 people in 2017, or almost 10%, and spent 5 million euros on severance payments, the business daily Verslo Zinios reported on Thursday, writes LETA/BNS.

The state-owned railway group employed a total of 10,710 people on Sept. 12, down by 9.2% from 11,792 on Jan. 1. The parent company alone trimmed its workforce by 900 people.

 

LG spent around 5 million euros on severance payments for laid-off workers during the period, not including its subsidiaries' severance costs. The company expects that the management restructuring alone will help it save some 9 million euros annually.






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