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tagged: allowances cuts, cosmote, hellenic telecommunications organization, lay offs, measures, Michalis Tsamaz, OTE, program, reduce operating costs, restructureGreece’s biggest phone company OTE announces lay offs, allowances cuts
Posted by keeptalkinggreece in Uncategorized
Greece’s biggest telephone company OTE announced lay offs and cuts in overtime allowances and other benefits, shocking the labour unions that threaten with protests. Hellenic Telecommunication Organization will apply a thorough restructuringprogram to save 32 million euros. A total of 120 jobs will be lost in Cosmote, the internet and mobile OTE- daughter, while the allowances cuts will be applied in the mother company responsible for the fixed telephone lines.
The measures have been decided upon pressure from Deutsche Telekom, it has been reported by the Greek media.
Private sector labor union GSEE called the government to use its influence as shareholder and have the planned “illegal and provocative lay offs” cancelled.
In the former Greek phone monopoly OTE, the Greek state has a 20 percent stake and Deutsche Telekom 30 percent.
Already the Greek government sent a message to GSEE that there is nothing it can do as the company operates according to laws of the private sector.
The measures have a rather radical character and begin with a 15% cut of monthly allowances for managers as of tomorrow. As of May 1, a 40-hour working week will be introduced.
Hellenic Telecom, reported on Feb. 25 that its fourth-quarter loss more than tripled to 91.7 million euros on a higher charge for an early retirement program. Sales fell 12 percent in the period and the company said at the time it planned to announce incentives to immediately shore up revenue.
Read more details in Bloomberg.
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