The voluntary retirement program, announced today, Friday, by Hellenic Post following a decision to that effect by the company's Board of Directors.
The program, which provides for the payment of 2 to 3.5 years’ worth of wages depending on the individual’s age and years of service, is targeted and intended for employees who meet specific and will take effect on February 1 and will be completed on February 19 2021.
Eligibility to participate in the program, which has entirely voluntary All employees who have reached the age of 41 and have at least 15 years of service are eligible for this benefit.
The Voluntary Retirement Program includes significant benefits for employees who choose to leave. Specifically, it provides for:
- lump sum payment 24 through 45 wages depending on each employee's age and years of service,
- payment one additional month's salary for each minor child and
- 2-year extension of Supplementary Life and Health Insurance through TEA ELTA.
- A special provision is also made for employees who have earned the right to retire.
- Εspecial provision for employees with children People with Disabilities regardless of age, to whom the following will be paid an additional five months' salary.
The Voluntary Separation Program is a key milestone in achieving the goals of ELTA’s transformation, aims to reduce the workforce by 2,000 employees, and «is one of the largest programs undertaken by a public enterprise in recent years,» as noted in a company announcement.
It is also emphasized that «the comprehensive transformation plan—of which the voluntary retirement program is a part—has been developed with the aim of extensively restructuring the company through: rationalizing payroll costs, restructuring the organizational framework, digital transformation through the upgrading of systems and services for citizens, developing a new procurement policy and making optimal use of human resources.».
