PPC SA announces that, following six months of negotiations, on Friday, February 27, 2015 a new Collective Labor Agreement was signed between the Company’s Management and the employees’ representatives with immediate effect. The new Agreement has a three-year duration and it does not include any wage increases.
Following press reports concerning the provision of “food allowance” to PPC employees, the following are clarified:
The said allowance will not be granted in cash but will be in the form of food stamps of up to EUR 6 on a daily basis per employee. It will be first implemented for employees at the Mines and Power Plants of PPC.
Said allowance shall be extended to the remaining PPC employees at a later stage and following a relevant study, taking into account the large geographic dispersion of PPC units all over Greece.
If the measure was to be implemented in full, its annual cost is estimated not to exceed EUR 15 million at the Parent Company level (PPC SA), representing approximately 2.3% of the current payroll expense and 0.25% of the annual turnover.
It is noted that during the last five years, PPC payroll has been reduced by more than EUR 2.8 billion cumulative or EUR 700 million on an annual basis.
Finally, it is pointed out that Greek legislation provides for food allowances with regard to personnel employed in industrial and other companies and that it is a common practice for many companies in Greece.
Athens, March 4, 2015