Press Release

The transformation of OTE continues – New Voluntary Exit Schemes for employees

-       Significant exit incentives, no burden on state pension funds

-     Creation of job opportunities for young people

Athens, 22 May 2015

OTE Group announces the implementation of  Voluntary Exit Schemes, primarily addressed to OTE employees near to retirement, in the context of the Company's initiatives towards enhancing its competitiveness, renewing its workforce and creating  job opportunities for young people.  

The implementation of these schemes is part of OTE's transformation plan via socially responsible solutions. The total implementation cost is expected to reach approximately €85 million, for the participation of approximately 700 employees. 

OTE's Voluntary Exit Schemes do not burden state pension funds, as the company incurs the entire cost.

The Voluntary Exit Schemes for OTE employees near to retirement provide, inter alia:

1. Financial incentives aiming at subsidizing a large part of the employees' net income until retirement (between 60% and 90% per case)
2.  The eligible compensation for OTE personnel in case of contract termination
3. Gross amount of up to €11,000 – equal to the amount for the recognition of the military service years
4. Special private insurance cover, as well as
5. Special offers for OTE Group telecommunications products and services

The estimated sum of employer and employee contributions for the latter's self-insurance, will be paid directly to the pension funds. 

Moreover, the OTE Group has designed Special Voluntary Exit Schemes based on years of service for special categories of OTE employees (staff in administration, shops, call centers etc.) not near to retirement age, as well as for COSMOTE employees. Financial offers for these schemes include the eligible compensation in case of contract termination, as well as additional financial incentive of approximately 20 current gross salaries of the employee. Additionally, private group insurance cover will be provided as well as special offers for the Group's products and services.

Taking into account the difficult macroeconomic environment, OTE offers financial incentives that are beneficial to its employees, enabling them to leave the company under the best possible terms.

This announcement is published as a Regulated Information in accordance with Law 3556/2007 [article 3 paragraph 1(f) and article 21], Law 3340/2005 and the relevant Decisions of the Hellenic Capital Market Commission.