Chunghwa to cut 3,000 staff

25 Aug 2005

Chunghwa Telecom has announced plans to reduce its workforce by 3,000 staff just two weeks after the company was privatised. Chunghwa plans to cut its staff from 28,000 to 25,000 over the next three years in a move that will cost the company around TWD2.5 billion (USD78 million) but will result in annual savings of TWD4 billion. Earlier this month the Taiwan government sold a 14% stake in the company through an offering of American Depositary Receipts worth USD2.56 billion, reducing the Ministry of Transportation and Communication’s shareholding in Chunghwa to 48%.

Taiwan, Chunghwa Telecom