ELTA cost-cutting plan includes up to 750 layoffs for this year

The rapid plan by the state asset utilization hyperfund (HCAP) to make Hellenic Post (ELTA) sustainable provides for cost reductions and an increase in revenues, including the layoff of up to 10 percent of its workers before the end of this year.

Since there is little chance of a comprehensive and efficient plan to streamline the state mail corporation, HCAP and ELTA's management are implementing measures that will at least keep the company going for now.

The cost reductions will require staff cuts and the termination of lossmaking activities. The target set for personnel departures this year is 8 to 10 percent of 7,600 ELTA employees, including contract workers and staff leased from third companies.

Therefore, by the end of the year, ELTA will have laid off at least 700 employees, of whom 250 have already agreed to leave. Now the company is targeting another...