The power grid operator IPTO’s board has decided to revise an agreement reached last summer with strategic partner State Grid Corporation of China (SGCC) to protect the jobs of employees until they have qualified for pension rights.
The previous agreement, signed by the two sides in June last year, offered limited job protection for three years, until 2020.
IPTO’s move has been accepted by SGCC, according to an announcement released by the power grid operator.
The decision means that a total of 1,250 IPTO employees and an additional 75 new staff members undergoing recruitment procedures through the Supreme Council for Civil Personnel Selection (ASEP) will be protected until they reach pension ages.
As a result, IPTO now stands as the only state-controlled utility offering career-spanning job protection. Following last year’s privatization, the Greek State controls 51 percent of IPTO, SGCC holds a 24 stake, and public investors the remaining 25 percent.
Job protection until retirement has even been abolished at the main power utility PPC, until recently IPTO’s parent company. All employment agreements at PPC, controlled by the Greek State with a 51 percent stake, were revised several years ago, during the bailout period. Specific time periods of employment agreements were made indefinite, entitling PPC’s administration to cut jobs whenever this is deemed necessary for the corporation’s sustainability.