Workers will be paid 80% of their base salary.
The petrochemical unit of the company will reduce work program from five to four days per week between July 29 and September 8.
According to union leader Mihai Diculoiu, Oltchim currently employs 2,330 people.
Over 900 Oltchim employees were laid off in June. The company entered insolvency in January after its privatization fell through in October last year.
In June, Romania’s government made a proposition to Azeri state-run oil company SOCAR to take over Oltchim. SOCAR representatives said they would think the offer through before taking a decision.
The chemical company reported loss of roughly 86 million lei (EUR19.6 million) in the first three months of this year, 3.7% wider compared to RON82.81 million in the similar interval a year ago. (EUR1=RON4.3895)