German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Bulgarian Railways to Sack Workers over Financial Crisis Effects
Business | December 2, 2008, Tuesday // 00:00
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Bulgaria's state-owned railways are most likely going to lay off 1000 workers due to the financial crisis effects. Photo by Yuliana Nikolova (Sofia Photo Agency)
Bulgaria's state-owned railway companies BDZ and National Railway Infrastructure are going to dismiss hundreds of workers because of the reduced freight revenue, which results from the financial crisis and the troubles of the steel mill Kremikovtzi.
The news was announced by Petar Bunev, the Chair of the Railway Union at the Confederation of Independent Bulgarian Syndicates KNSB, in an interview for the Focus Agency, after he met with directors of the railway companies.
The Freight Department of the BDZ will be hit hardest as 13,2% of its workers are expected to be made redundant at the beginning of 2009.
The Passenger Travel division staff will be reduced by 5,6%, and the locomotive staff - by 4,9%.
According to Bunev, the most realistic scenario about the state-owned railways would involve the dismissal of 1000 workers, which include 389 vacancies, and 255 workers who are due to retire in 2009.
The rest are mostly persons who are supposed to retire in 2010, and the companies are considering how to compensate them if they are sacked.
The news was announced by Petar Bunev, the Chair of the Railway Union at the Confederation of Independent Bulgarian Syndicates KNSB, in an interview for the Focus Agency, after he met with directors of the railway companies.
The Freight Department of the BDZ will be hit hardest as 13,2% of its workers are expected to be made redundant at the beginning of 2009.
The Passenger Travel division staff will be reduced by 5,6%, and the locomotive staff - by 4,9%.
According to Bunev, the most realistic scenario about the state-owned railways would involve the dismissal of 1000 workers, which include 389 vacancies, and 255 workers who are due to retire in 2009.
The rest are mostly persons who are supposed to retire in 2010, and the companies are considering how to compensate them if they are sacked.
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