Hellenic Telecommunications Organisation (OTE) announced a new voluntary retirement plan as an exit strategy for its employees. In an announcement, OTE said that “The plan is part of initiatives implemented to boost its competitiveness, renew its workforce and create employment opportunities for new people”.
The programme is budgeted at 85 million euros and covers around 700 workers. Its cost will not depend on pension funds as the company is covering all social insurance contribution costs.
Under the programme, OTE is offering financial incentives for workers nearing retirement age and other incentives for special categories of workers in OTE and Cosmote. The announcement said that these incentives “were particularly attractive, offering the possibility of leaving the group under the best possible conditions during an adverse macro-economic environment”.