Last checked at 14 Nov 2013 14:35
Press Release
Voluntary Exit Schemes for OTE employees
- Significant exit incentives
- Socially responsible solutions for the employees
- No encumbrance on state pension funds
Athens, November 14, 2013
OTE announces the implementation of Voluntary Exit Schemes, addressed primarily to employees near retirement, in the context of the company's transformation through socially responsible solutions.
The implementation of the schemes allows OTE to proceed with its transformation plan, strengthen its competitiveness and significantly reduce its operating costs, while it opens up opportunities for the employment of young people. Total cost for OTE is expected to reach €190 million with more than 1,000 participations. Offered Schemes are as follows:
Α. Voluntary Exit Schemes for near retirement employees.
These Schemes provide, inter alia:
1. Subsidization by 70%-95% per case of the employee's net income until the full retirement date,
2. Gross amount equal to total employer/employee estimated contributions for self-insurance,
3. Legitimate compensation for employees' contract termination (up to €25,291 plus 9 months' salaries),
4. Gross amount of up to €11,000 equal to the amount for the recognition of the military service years,
5. Special private insurance scheme, as well as
6. Special offers for OTE Group telecommunications products and services.
Β. Open Voluntary Exit Schemes based on years of service at OTE and exit schemes for special categories of employees.
These schemes are addressed to special categories of employees (employees who have completed 25 years of actual service at OTE, lawyers, cleaning staff, employees on special leave/sabbatical), that are not entitled to participate in A Schemes. Incentives include:
1. Legitimate compensation for employees' contract termination (up to €25,291 plus 9 months' salaries),
2. Gross amount equal to net salaries of 3 to 4 years (per case),
3. Special private insurance scheme for 3 years, as well as
4. Special offers for OTE Group telecommunications products and services.
It is noted that OTE incurs the entire cost with no encumbrance on state pension funds. Through the schemes' implementation OTE contributes to market liquidity, creates new jobs and provides employment opportunities for young people under 30 years of age.
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 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:
Dimitris Tzelepis - Head of Investor Relations
Tel: +30 210 611 1574, Email: dtzelepis@ote.gr
Maria Kountouri - Assistant to the Head of Investor Relations
Tel: +30 210 611 5381, Email: mkountouri@ote.gr
Kostas Maselis - Senior Financial Analyst, Investor Relations
Tel: + 30 210 611 7593, Email: kmaselis@ote.gr
Christina Hadjigeorgiou - Financial Analyst, Investor Relations
Tel: +30 210 611 1428, Email: cchatzigeo@ote.gr
Sofia Ziavra - Financial Analyst, Investor Relations
Tel: + 30 210 611 8190, Email: sziavra@ote.gr
Daria Kozanoglou - Senior Communications & Regulatory Affairs Officer,
Investor Relations
Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr
Eftychia Tourna - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 7236, Email:etourna@ote.gr
Eleni Agoglossaki - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 7880, Email: eagoglossak@ote.gr
Manousos Apostolakis - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 6418, Email: mapostolakis@ote.gr