Power utility PPC’s second voluntary exit program offered to employees this year has achieved a success rate of 85 percent, convincing 465 staff members to sign up, from a target group of 550.
Applicants needed to meet two prerequisites for this latest PPC exit program. Firstly, applicants must be on the way to turning at least 55 years of age by December 31, 2020. Secondly, they needed to have already qualified for pension rights before applying for the exit plan.
Without the pension right criterion, the program would have applied to a far broader group of as many as 1,700 employees at PPC units around the country.
PPC is believed to be satisfied with the course of its voluntary exit plan this year. The tally of voluntary exits this year is seen reaching 1,200, over an initial estimate of 1,000.
Employees who sign up for the program each receive compensation packages totaling 35,000 euros.
The power utility is expected to keep downsizing. According to last year’s business plan, PPC is aiming for a workforce reduction of 4,500 employees by 2023.
PPC, turning to green energy, has scheduled to shut down its Kardia III and IV and Megalopoli III lignite-fired power stations in 2021, followed by Agios Dimitrios I and II in 2022. Megalopoli III could be withdrawn sooner than planned, the company recently announced.