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Telecom NZ to cut up to 1,230 jobs

2013-03-28 02:23:00| Telecompaper Headlines

(Telecompaper) Telecom New Zealand has confirmed it plans to reduce staff levels from 7,530 to around 6,300-6,600 by the middle of this year. The reduction will be carried out through constraints on recruitment, voluntary and involuntary redundancies, and the transfer of roles to other employers associated with portfolio rationalisation decisions. The company expects to incur one-off restructuring costs of NZD 70-80 million in this financial year. Telecom believes that payroll costs (Opex and Capex) will reduce by NZD 90-110 million on an annualised basis. The company's adjusted EBITDA guidance for FY13 remains NZD 1.04-1.06 billion, which excludes the one-off restructuring costs.

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Category:Telecommunications

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