The total annual savings to result for power utility PPC from the departure of approximately 4,000 employees, expected to have gone by 2024, according to the utility’s new business plan, just announced, is estimated at more than 200 million euros, roughly 25 to 30 percent of the company’s entire payroll cost.

The overwhelming majority of this staff will no longer be required as a result of PPC’s plan to withdraw all its existing lignite-fired power stations by 2023.

The prospective job cuts primarily concern staff on remuneration packages worth over 55,000 euros per annum. Bailout-related payment limits have been imposed on most of these employees, both managerial and technical staff.

PPC’s payroll currently totals 15,350 employees but is expected to be reduced to approximately 11,500 by 2024.

A series of voluntary exit programs will be offered to significantly reduce PPC’s payroll expenses, according to the business plan. Severance pay offers are seen exceeding 20,000 euros.

Approximately 60 percent of the 4,000 or so staff members to be will have reached retirement age while the other 40 percent, roughly 1,800 persons, will be offered voluntary exit programs.