The KEO industry is currently going through desperate times and is preparing to fire almost a quarter of its personnel. According to Andreas Ioannides, representative of PEO, the company citing financial problems is planning to lay off 150 employees without compensation.

The company announced 3.4 million euro losses for 2010 and 3.7 million for 2009. In 2003 before the financial problems started the company was employing 800 employees but by 2009 that went down to 572.