Article: QR to lay off 600 workers (actually is QRN ...)

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From Brisbanetimes click here!

QR to lay off 600 workers

QR to lay off 600 workers
Matt O'Sullivan
April 4, 2011 - 10:21AM

QR National will lay off 600 workers – more than 6 per cent of its workforce – as early as next week after a strong response to its voluntary redundancy program.

The recently privatised freight and coal hauler will make redundant the workers from April 15, pending the final round of talks with unions about the redundancy program. The majority of those leaving from its 9400-strong workforce will be from its head office and freight business.

Shares in QR National rose 4 cents to $3.46 early today, their highest level since it listed on the ASX on November 22. It represents a 41 per cent paper gain for retail investors who bought shares in the float and received a discount to institutions.

QR National estimates the lay offs will cost it a total cash outlay of $75 million, which includes the payment of leave entitlements. It means the company will take a $50 million hit to its pre-tax earnings this financial year.

The country's largest coal hauler has already made 60 workers redundant this year.

QR National received interest in the redundancy program from more than 920 workers. It had targeted a total of 3500 workers for redundancies.

The company also indicated that more redundancies were likely from a looming restructure of its operations.

Those workers leaving QR National from next week will receive a redundancy payment of three weeks pay for each year worked, capped at a maximum of 104 weeks' pay.

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Brisbanetimes --> QR Nat: More jobs to go