The postal company currently employs around 32,000 people.
Laid-off employees will receive three to 30 salaries as severance pay depending on seniority, company general manager Ion Smeeianu said recently.
A document discussed in Wednesday’s Cabinet meeting shows the layoff process is set to start on July 1.
Posta Romana was scheduled for privatization this year, but no potential investor was interested in buying the task book to participate in the auction. The Government decided Wednesday the company would be restructured in 180 days and potential investors have until June 30, 2014 to file binding bids for its privatization.
Also, the government will ask the European Commission to approve the conversion into shares of the postal operator’s state budget debts, and the company’s RON107 million newly discovered tax debt will be restructured.
Posta Romana is owned by the Communications Ministry (75%) and Fondul Proprietatea (FP.RO), with 25% of the shares. It is the biggest postal operator in the country with a network of around 5,600 offices.
Over the past four years, the postal company amassed losses of 532.9 million lei (EUR123 million).