OTE gets mean with staff to cut costs

1 Mar 2011

Greek incumbent telco OTE has announced a range of cost-cutting measures, including imposing a 40-hour working week, reducing managers’ salaries by 15%, scrapping ‘non essential’ overtime, cutting rates for weekend and holiday pay, cancelling some staff transport subsidisation and reducing bonuses for bad debt recoveries. OTE’s CEO, Michael Tsamaz, explained that the company needs to reduce its operating costs, which currently ‘far exceed’ its competitors in Greece and southeast Europe and have been continuously increasing to date. Under the programme, the telco aims to save an initial EUR32 million (USD44 million) over the remainder of this year.

Greece, Cosmote