Romania's Agency for State Assets Recovery lays off 155 people in restructuring process
The Authority for State Assets Recovery (AVAS), a key body in the privatisation of Romania’s state-controlled company, announced on Thursday that it has laid off 155 employees – or a third of the total payroll – as part of its restructuring and reorganisation process.
AVAS said in a press release that the process, launched in December 2009, eyes a 48% reduction of the number of employees and a 60% reduction of the average salary.
It said the measure was applied starting May 31, when a new organisational structure was enforced. 13 management jobs were cut as part of the process.
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