OTE launches voluntary exit scheme

The OTE Group on Thursday announced a new annual voluntary exit program. In a bid to reduce staff numbers, the program will be targeted toward about 1,400 employees of OTE, Cosmote and Germanos in Greece.

It is unknown how many of them will agree to the terms, but sources say that a similar voluntary exit program at the OTE Group last year was taken up by about 300 employees. Those interested in entering this year's program will have to notify the group of their intention by the end of this month.

The main targets of the program are 1,227 employees of the three main companies of the Deutsche Telekom-controlled group in Greece who are approaching retirement age: They include 557 workers who will obtain the right to a full pension by 2026 and another 670 who will have the right to a reduced pension in the next seven years.

The OTE Group expects to reduce staff at...