Mining company OKD to lay off 300 people

13-10-2014

The Czech coal mining company OKD will dismiss 300 people at the end of 2014, mainly office staff and mostly of retirement or pre-retirement age, OKD's spokesman Marek Šibrt told the Czech News Agency on Monday. Employees laid off will receive six months wages as severance pay. Mr Šibrt told ČTK that the goal was to make OKD's operation more streamlined and effective for the business to become more sustainable and competitive even in extraordinarily difficult conditions on current black coal markets. OKD is controlled by company New World Resources (NWR). It has been grappling low coal prices for some time, forcing it to introduce austerity measures.