OTE tables USD255m redundancy plan to lose 1,000 staff

18 Nov 2013

Greece’s Hellenic Telecommunications Organisation (OTE) has tabled a voluntary redundancy plan aimed at shedding over 1,000 employees at a cost to the company of EUR190 million (USD255 million), Reuters reports. OTE, which is 40%-owned by Germany’s Deutsche Telekom, wants to cut around one-tenth of workers at its domestic fixed network operating division to reduce costs and improve competitiveness. To fund the redundancy programme OTE will not pay a dividend on 2013 earnings.

Greece, Cosmote