Greece: European Commission approves early retirement subsidy

In May 2007, the European Commission approved the Greek government’s contribution to the Hellenic Telecommunication Organisation (OTE) voluntary early retirement scheme (VRS) under the rules on state aid contained in the Treaty establishing the European Community.

This decision will allow the government to transfer 4% of its shares in OTE to the company pension fund (TAP-OTE) to help OTE cover the additional early retirement costs that result from the quasi-civil service status of its employees.