PPC voluntary exit plan may push for up to 5,000 retirees

Though the details of power utility PPC’s voluntary exit plan are still being worked on, the plan could push for the withdrawal of as many as 5,000 employees of various qualifications, divisions and levels, according to sources.

An exodus of such a number of employees, representing roughly 30 percent of PPC’s workforce, will obviously cost the power utility a considerable amount.

If this target figure is to succeed, the incentives for employees will need to be far more generous than those offered in an exit plan last year. Severance pay of 15,000 euros plus a 5,000-euro bonus prompted 220 voluntary exits.

A voluntary exit plan outlined last week by energy minister Costis Hatzidakis – it includes employees five years or less away from the retirement age of 60 and  covers all their social security fund commitments until pension eligibility is reached, plus severance pay – is expected to cost at least 100,000 euros per employee, according to more reserved union estimates.

Some 4,000 PPC employees are currently already eligible for pensions. A total of 16,747 employees were on the power utility’s payrolls at the end of 2018.