Last checked at 22 May 2015 14:08
ANNOUNCEMENT
The transformation of OTE continues - New Voluntary Exit Schemes for employees
- Significant exit incentives, no burden on state pension funds
- Creation of job opportunities for young people
Athens, 22 May 2015
OTE Group announces the implementation of Voluntary Exit Schemes, primarily addressed to OTE employees near to retirement, in the context of the Company's initiatives towards enhancing its competitiveness, renewing its workforce and creating job opportunities for young people.
The implementation of these schemes is part of OTE's transformation plan via socially responsible solutions. The total implementation cost is expected to reach approximately €85 million, for the participation of approximately 700 employees.
OTE's Voluntary Exit Schemes do not burden state pension funds, as the company incurs the entire cost.
The Voluntary Exit Schemes for OTE employees near to retirement provide, inter alia:
1. Financial incentives aiming at subsidizing a large part of the employees' net income until retirement (between 60% and 90% per case)
2. The eligible compensation for OTE personnel in case of contract termination
3. Gross amount of up to €11,000 - equal to the amount for the recognition of the military service years
4. Special private insurance cover, as well as
5. Special offers for OTE Group telecommunications products and services
The estimated sum of employer and employee contributions for the latter's self-insurance, will be paid directly to the pension funds.
Moreover, the OTE Group has designed Special Voluntary Exit Schemes based on years of service for special categories of OTE employees (staff in administration, shops, call centers etc.) not near to retirement age, as well as for COSMOTE employees. Financial offers for these schemes include the eligible compensation in case of contract termination, as well as additional financial incentive of approximately 20 current gross salaries of the employee. Additionally, private group insurance cover will be provided as well as special offers for the Group's products and services.
Taking into account the difficult macroeconomic environment, OTE offers financial incentives that are beneficial to its employees, enabling them to leave the company under the best possible terms.
About OTE
OTE Group is Greece's leading telecommunications organization and one of the pre-eminent players in Southeastern Europe, providing top-quality products and services to its customers.
Consisting of the parent company OTE S.A. and its subsidiaries, the Group offers fixed-line (voice, broadband, data and leased lines), TV, ICT services and mobile telephony services in Greece and Romania, as well as mobile telephony services in Albania. The Group is also involved in a range of activities in Greece, notably in real-estate and professional training.
OTE is listed on the Athens Stock Exchange and the London Stock Exchange. Following OTE's delisting from the NYSE, OTE's ADSs (American Depositary Shares) trade in the OTC (Over the Counter) market under the ticker HLTOY through the Level I ADSs program.
Additional Information is also available on https://www.ote.gr
Contacts:
Evrikos Sarsentis - Head of OTE Group Mergers, Acquisitions and Investor RelationsTel: +30 210 611 1574, Email: esarsentis@ote.grMaria Kountouri - Assistant to the Head of OTE Group Mergers, Acquisitions and Investor RelationsTel: +30 210 611 5381, Email: mkountouri@ote.grKostas Maselis - Deputy Director, Investor RelationsTel: + 30 210 611 7593, Email: kmaselis@ote.grSofia Ziavra - Senior Financial Analyst, Investor RelationsTel: + 30 210 611 8190, Email: sziavra@ote.grChristina Hadjigeorgiou, - Senior Financial Analyst, Investor RelationsTel: + 30 210 611 1428, Email: cchatzigeo@ote.grManousos Apostolakis - Communications & Regulatory Affairs Officer, OTE Group Mergers, Acquisitions and Investor RelationsTel: +30 210 611 6418, Email: mapostolakis@ote.gr
Maria Delenika - Communications & Regulatory Affairs Officer, OTE Group Mergers, Acquisitions and Investor RelationsTel: +30 210 617 7981, Email: mdelenika@cosmote.gr