HELLENIC TELECOM. ORG.

Press Release

Press Release

 

Voluntary Exit Schemes for OTE employees

 

-       Significant exit incentives

-       Socially responsible solutions for the employees

-       No encumbrance on state pension funds

 

 

Athens, November 14, 2013

 

OTE announces the implementation of Voluntary Exit Schemes, addressed primarily to employees near retirement, in the context of the company's transformation through socially responsible solutions.

 

The implementation of the schemes allows OTE to proceed with its transformation plan, strengthen its competitiveness and significantly reduce its operating costs, while it opens up opportunities for the employment of young people. Total cost for OTE is expected to reach €190 million with more than 1,000 participations. Offered Schemes are as follows:

 

Α. Voluntary Exit Schemes for near retirement employees.

These Schemes provide, inter alia:

  1. Subsidization by 70%-95% per case of the employee's net income until the full retirement date,
  2. Gross amount equal to total employer/employee estimated contributions for self-insurance,
  3. Legitimate compensation for employees' contract termination (up to €25,291 plus 9 months' salaries), 
  4. Gross amount of up to €11,000 equal to the amount for the recognition of the military service years,
  5. Special private insurance scheme, as well as
  6. Special offers for OTE Group telecommunications products and services.

 

 

Β. Open Voluntary Exit Schemes based on years of service at OTE and exit schemes for special categories of employees.

These schemes are addressed to special categories of employees (employees who have completed 25 years of actual service at OTE, lawyers, cleaning staff, employees on special leave/sabbatical), that are not entitled to participate in A Schemes. Incentives include:

  1. Legitimate compensation for employees' contract termination (up to €25,291 plus 9 months' salaries), 
  2. Gross amount equal to net salaries of 3 to 4 years (per case),
  3. Special private insurance scheme for 3 years, as well as
  4. Special offers for OTE Group telecommunications products and services.

 

It is noted that OTE incurs the entire cost with no encumbrance on state pension funds. Through the schemes' implementation OTE contributes to market liquidity, creates new jobs and provides employment opportunities for young people under 30 years of age. 

 

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.

 

 

 

NOTE: This announcement is made by The Hellenic Telecommunications Organization SA (OTE SA), as “Regulated information” in accordance with Law 3556/2007, 1/434/03.07.2007 Decision of the Hellenic Capital Market Commission, article 13 of Law 3340/2005 and 3/347/12.07.2005 Decision of the Hellenic Capital Market Commission.