By Nektaria Stamouli

ATHENS--Greece's biggest telecommunications company OTE announced a voluntary redundancy program, in an effort to reduce its staff numbers.

The company is 45% owned and managed by Germany's Deutsche Telekom AG (DTE.XE).

The redundancy program was presented to its employees on Thursday and those interested will have to notify the company by the end of the month.

It is not clear how many people will take part in the scheme, but a similar program last year was taken up by around 300 employees.

The telecoms company is focusing on some 1,200 employees at its three main companies in Greece--OTE, Cosmote and Germanos--who are approaching retirement age.

Write to Nektaria Stamouli at nektaria.stamouli@wsj.com

(END) Dow Jones Newswires

March 15, 2019 09:36 ET (13:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Deutsche Telekom (QX) (USOTC:DTEGY)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Deutsche Telekom (QX) Charts.
Deutsche Telekom (QX) (USOTC:DTEGY)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Deutsche Telekom (QX) Charts.