PKP Cargo to pay PLN 266 mln for redundancy program

PKP Cargo’s redundancy program will be worth PLN 266 million, according to the Polish Press Agency. As many as 3,041 employees will leave their jobs on February 1. The firm will pay its severance packages in two tranches: the first one will amount to PLN 228 million and will be added to January's salary as a bonus and the second one will total to PLN 38 million and will be paid out in January 2016. The company will bear the costs using profit noted in Q4. PKP Cargo currently employs around 26,000 people. PKP Cargo is a part of the PKP Group, the largest railway freight carrier in Poland and  the second biggest in the EU.