ECONOMY

OTE telecom reaches labor pact

Management and workers in OTE telecom, the country?s main operator, on Friday reached a labor pact providing for wage cuts and job safety over the next three years.

The agreement, concluded in the early morning hours of Friday, sees average annual salary reductions of 11 percent and a cut in the working hours to 35 from 40. The existing salary structure will be reinstated on January 1, 2015.

OTE?s Deutsche Telekom-controlled management agreed to preserve jobs and the hours of work, and not to effect more salary cuts for unforeseen reasons. The pact is seen saving about 200 million euros in salary costs. The two sides left other labor and pension issues open.