Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announces that it has reached an agreement with the unions regarding an employee exit program, under which employees who have one to five remaining years of service, but have nevertheless completed the minimum requirements for retirement, will get exit bonuses that range from Euro 5,000 to 36,000 , in order to depart during 2007.
Approximately 450 OTE employees are eligible for this employee exit program. OTE will ask eligible employees to tender irrevocable applications during a submission period that will run through March 2007. Departures will start on April 18, 2007 and all employees participating in the program will leave the company until the end of 2007. Details regarding the cost of the program will be available within the second quarter 2007.
It should be noted that OTE has been implementing similar employee exit programs with financial incentives since 1996.