A voluntary exit plan for power utility PPC employees, outlined by energy minister Costis Hatzidakis yesterday, includes full coverage of social security fund commitments for staff aged 55 and over, until pension rights are acquired, at the age of 60, as well as severance pay.

The exact same model, covering all social security fund contributions until pension qualification, was successfully applied at Hellenic Telecommunications OTE, initially between 2012 and 2014, followed by a more recent period.

The cost of providing all social security fund contributions for personnel five years away from the pension age will take two years to recover, PPC has estimated in initial calculations.

The voluntary exit plan includes a category for younger personnel, aged between 50 and 55, to be made redundant by PPC’s restructuring effort. Employees belonging to this category will be transferred to subsidiaries needing staff additions or other public sector enterprises.

A third category concerns PPC employees already close to retirement age. Some 1,000 power utility staff members are expected to qualify for pension rights this year alone.