The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
OTE, the largest telecom company in Greece, announced (December, 23rd, 2009) a new voluntary exit plan for 150 to 200 employees by 2010, offering them specific incentives. This is the fourth voluntary retirement scheme announced by the Organization, the previous ones (factsheet 14966) were the announcement of November 14th, 2008 for the voluntary exit of 1000 to 2000 employees till the end of 2009. Also, the announcement of November, 12th, 2008) that referred to the voluntary exit plan of 630 employees till the end of the year, while the announcement of 29 February 2008 said that 200 employees will be offered incentives to accept a voluntary exit plan to leave the company this year.
Concerning OTE's 4 announcements on internal restructuring starting from the most recent to the latest:
• In 23 December there was announcement for OTE's voluntary exit plan concerning 150 to 200 employees starting January 2010 and ending June 2010. According to sources this applies to employees with 1 to 7 years of service before retirement and with incentives such as compensation between 15000 to 70000 euro.
• In 14 November 2008 there was also an announcement for OTE's voluntary exit plan concerning 1000 to 2000 employees till the end of 2009. There is no other available information on the incentives that will be offered.
• 12 November 2008 announcement for a 'mini' voluntary exit plan of 630 employees until the end of the year.
• In 29 February 2008 OTE said that 200 employees will be offered incentives to accept a voluntary exit plan to leave the company this year. Concerning this one and according to OTE Regulatory News Service statement, the voluntary exit was to apply to employees with one to five remaining years of service before retirement and with the possibility of receiving exit bonuses between 5000 to 40000 Euro by accepting the plan.
Overcoming union opposition, OTE has reduced its workforce to counterbalance the decline in sales. According to the statement, the plan announced is supported by the company's trade union (OME-OTE/ Confederation of OTE's workers). Employees had until March 21 to apply for the voluntary exit plan with all departures being completed before the end of the 2008.
OTE (Hellenic Telecommunications Organization) is Greece's largest telecommunications operator, with 11,560 employees. The Group also offers mobile telephony, internet access, broadband, ISDN, satellite, high - speed data communications and leased lines services. During the last decade OTE has expanded throughout South East Europe.
Sources
29 February 2008: Kathimerini
12 November 2008: Kathimerini
14 November 2008: Kathimerini
23 December 2009: Nea
Citation
Eurofound (2009), OTE, Internal restructuring in Greece, factsheet number 66349, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66349.
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