Arms Maker VMZ Sopot To Lay off 600 Workers
Bulgaria's heavily-indebted state-owned ammunition manufacturer VMZ Sopot will lay off a total of 600 workers.
The plant's management and local trade unions have agreed on a number smaller than the previously targeted 900 jobs, state-run Bulgarian National Television (BNT) reported on Thursday, adding that the entire staff will be asked to take 10 days off next week.
It is still not clear when the downsizing will begin, but according to trade union representatives it will not start before March. Dismissed workers will receive four gross monthly salaries as compensation.
Earlier this month, Bulgaria's parliament adopted legislative amendments that should make it easier to sell VMZ Sopot after a recent privatisation attempt failed. Under the amendments, VMZ Sopot was taken off the list of state-owned companies that could only be sold under a privatisation strategy approved by the MPs.