BUSINESS

OTE voluntary exit program succeeds

More than 1,500 employees at the Hellenic Telecommunications Organization (OTE) are expected to be included in its voluntary redundancy program, well above the target originally set.

According to OTE officials, the program has seen increased participation and procedures are advancing rapidly. In total some 1,850 applications were submitted by employees close to retirement.

About 150 of them were rejected as it was decided that they did not fulfill all the criteria set, while up until last Friday the organization had approved 1,453 exit applications.

Organization officials are now expecting departures to exceed 1,500 after the expiry of the deadline at the end of the year.

This compares with the original estimate by the administration of the Greek telecom giant for the voluntary redundancy of between 1,100 and 1,200 OTE employees as part of the organization’s restructuring.

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