BUSINESS IN SHORT

Financial crisis results in job cuts

SOME Slovak producers are starting to feel the impact of the global financial crisis. Compressor producer Embraco Slovakia recently chose not to extend 142 temporary employment contracts, the SITA newswire wrote on October 16.

SOME Slovak producers are starting to feel the impact of the global financial crisis. Compressor producer Embraco Slovakia recently chose not to extend 142 temporary employment contracts, the SITA newswire wrote on October 16.

The decision was the result of a drop in orders, especially from North America. However, the company, which employs 2,188 people, remains the biggest employer in the country’s north-eastern Spiš region.

"We are very sensitively examining the social aspects of the situation," said Miloš Čeretka, Embraco Slovakia’s director general.

The company is providing assistance to the employees whose contracts were not extended. They will receive their entire salary for October, plus a salary for two weeks while they look for a new job. Neither measure is required by law.

Embraco has also found companies that will take on any of the employees that meet their interest.

The Spišská Nová Ves plant is one of Embraco’s four production plants worldwide.


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