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Over 1,500 Staff at OTE Accept Voluntary Redundancy
Published on:
The Greek telco, OTE has announced that 1,516 staff have accepted its voluntary redundancy scheme since it was announced last November, exceeding the company's initial target.
Most of the staff leaving the company chose early retirement as they came from the tranche that met the prerequisites for retirement within the period 2013-2015.
OTE estimates the net annual cost savings from downsizing to about EUR80 million. It is noted that the Voluntary Exit Schemes entail no burden for Greek state pension funds, as OTE incurs the entire cost.
The redundancy scheme was enacted as a move by the company to cut costs and refocusing staff on newer products.
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