Salary cuts for top executives and other highly-ranked officials at ELPE (Hellenic Petroleum), announced yesterday by the corporation’s board, may be just the beginning of further payment reductions.

According to energypress sources, the board at ELPE is currently examining the prospect of cutting the lofty remuneration packages of all seventy high-ranking officials at the corporation by a further 30 percent. This was also implied by a company statement released yesterday.

The news has prompted reaction by company officials, some of which have spoken publically, especially executives linked with the Latsis group, which controls a 41 percent equity share of ELPE through Paneuropean Oil. The Greek state controls a further 35.5 percent.

Certain officials argue the state is behind the salary cuts at ELPE. Others insist the company board is entirely responsible and that it took action to reduce remuneration packages ranging between 200,000 and 400,000 euros per annum, deemed as unacceptable amid Greece’s deep recession.

Following the first round of pay cuts, the respective gross incomes of chairman Efstathios Tsotsoros and managing director Grigoris Stergioulis have been reduced to 252,000 euros, a ten percent reduction, while their bonuses have been cut by 40 percent to 84,000 euros. The leading duo’s predecessors were on deals worth between 400,000 and 420,000 euros gross, based on fixed amounts worth 280,000 euros and bonus amounts of 140,000 euros.

Other cuts include 15 percent reductions for eleven more recent high-level managers, whose revised gross packages have been lowered to 161,500 euros. Their bonus packages have been scrapped for now but will be re-introduced next year, 30 percent lower than previous levels.

Interestingly, the salaries of older managers have not been touched. “This would spark a revolution,” a company source said.

Company management and workers at ELPE argue that payment packages at rival company Motor Oil are higher.

The salaries of workers, ranging between 22,000 and 108,000 euros in 2014, have not been reduced. But overtime shifts are being restricted.