Overage PPC staff offered €15,000 retirement bonus

A group of approximately 200 main power utility PPC pensioned-aged employees who have opted to carry on working at the utility will be offered respective bonus payments of 15,000 euros in exchange for voluntary retirement or be ousted without any bonus retirement money in the event that they reject the offer, the corporation’s board decided today.

A retirement age of 60 has been set for employees working heavier jobs at the utility’s mines and power stations, 62 for employees working in administration and 65 for managers.

PPC’s bonus payment for each of the 200 or so employees who may accept to leave voluntarily is being offered in an effort to appease Genop, the utility’s main union group, which has raised strong objections to the plan.

Employees will need to submit their voluntary retirement applications by April 30 and have left the company by May 30 in order to qualify for the bonus retirement payment.

The pensione-aged employees who refuse the offer will be fired and receive the severance amounts they are entitled to without the 15,000-euro bonus offer, the board has decided.

Pensioned-aged employees of all PPC divisions have chosen to keep working amid the recession, fearing the income slump to be brought about by lowered pensions.