ECONOMY

Voluntary retirement at Wind

Cell phone operator Wind announced yesterday a voluntary retirement program with considerable benefits that can be made use of by 10 percent of its work force. The program is addressed to 199 employees out of a total of some 2,000 workers at the third-biggest network operating in Greece in terms of subscribers. The employees entitled to take advantage the program will have to have worked at least eight years with Wind and, on top of their legal compensation, will receive a lump sum amounting to a maximum of 16 monthly salaries for those with experience of 13 years. Company officials spoke yesterday of a socially fair solution that has no precedent in the private sector. They stressed the effort by the firm’s new administration to persuade its owner, Naguib Sawiris, of the necessity of the measure. The move was seen as essential for Wind after its decision to launch a capital restructuring to the amount of 1.4 billion euros. Operating costs have to be cut back for Wind to pay its debts.