Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The President of Piraeus Port Authority announced a voluntary layoff scheme for 309 stevedores.
The President of the Piraeus Port Authority, Mr G. Anomeritis presented on Tuesday, December 15th, 2009 the agreement reached between the OLP and port workers, saying that the cost of a voluntary retirement scheme for 309 workers would reach the amount of 80 million Euro. He also announced policies for the development of Greece's ports.
The decision to pay off departing workers came six weeks after OLP's deal with Chinese port operating company Cosco - regarding the operation of container terminals at Piraeus - came into effect.
The payoff scheme prompted ire. Senior ministers expressed frustration at the government's approval to offer multimillion-euro redundancy payoffs to dozens of stevedores claiming that the state should not be burdened by such a huge payout at such a critical time for the economy.
OLP's Chairman insisted that the payoffs, according to a study compiled in 2008, would cost 11 million euros less than keeping the OLP workers employed indefinitely and that the compensation for these 309 workers would burden state-backed OLP, not the state itself.
Being the largest port in Greece and one of the largest in the Mediterranean area, with its history dating back to 1924, Piraeus drives the growth of international trade, local and national economy. The port is engaged in multiple activities related to the commercial port, the passenger port, ship service as well as the development and operation of land areas. Piraeus Port Authority currently employs 1,600 persons (1,200 employees and 400 dockworkers) while serving more than 24,000 ships per annum. In 2006, the former Government promoted an interstate agreement with the Chinese multinational COSCO which, however, was not admitted by the European Commission that demanded an open international tender. Subsequently, an attempt was made to concede through a tender both piers of the Container Terminal; finally, pier II was conceded. During that period, the "working peace" at the port was shaken, group strikes were launched on an on-and-off duration of 3 years and in 2005 Piraeus was downgraded, according to various publications, from the 47th place in the global container handling ranking to the 120th.
Eurofound (2009), Piraeus Port Authority, Internal restructuring in Greece, factsheet number 70008, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70008.
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