Hellenic Telecommunications Organization SA, Greece’s biggest phone company, will cut overtime and allowances for managers, to save 32 million euros as profit and sales fall.
The Athens-based former monopoly, in which Deutsche Telekom AG has a 30 percent stake, will introduce a 40-hour working week as of May 1st. It will cut monthly allowances for managers by 15 percent as of tomorrow, according to an e-mailed statement from the company, known as OTE.
The company will also cut non-essential overtime as of tomorrow, and a monthly allowance for driving company cars as well as bus service for employees for the OTE headquarters. Savings will amount to about 32 million euros, the company said.
Earlier, the Federation of Trade Unions at the company said 120 jobs at Cosmote, Hellenic’s mobile-phone unit, would be cut. The Federation called on OTE employees “to be ready to react.”
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