ECONOMY

OTE voluntary exit programs a success

The Hellenic Telecommunications Organization (OTE) announced on Monday that 1,516 of its employees had accepted the incentives offered to them to take part in a voluntary redundancy program, thereby reducing the telecom giant’s staff numbers significantly from December 31, 2012.

The response from OTE employees exceeded expectations. Two voluntary exit programs, which started in November 2012, mostly concerned employees who would have the right to retire between 2013 and 2015. OTE estimates the net annual savings from its reduction of staff numbers at around 80 million euros.

The voluntary exit programs will not burden social security funds as OTE undertakes the whole of the cost of social security contributions. The corporation said in a statement that the drop in staff numbers will allow it to boosts its competitiveness and proceed with modernization moves.