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November 4, 1993

EUROVERMANNING: BUNDESPOST HAS TO SHED 100,000…

By CBR Staff Writer

Party officials negotiating the final details of the privatisation of Germany’s postal and telecommunications monopolies say the process will cost up to 100,000 jobs, Reuter reports from Grevenbroich. According to Hans Gottfried Bernrath of the opposition Social Democrats, negotiators agreed that the costs of lay-offs would be borne by the companies after privatisation, but that they could use proceeds from the sale of shares to cover the cost. The government will will try to achieve the necessary downsizing by early retirement, but does not believe it can get rid of more than 60,000 people via that route. The figures include the Deutsche Bundespost Postdienst and Bundespost Postbank as well as the Deutsche Bundespost Telekom phone company.

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