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.
Hellenic Railways Organization (OSE) has placed 950 technicians on to a 'labour reserve' as a part of the additional austerity cuts mandated by Greece's international creditors - EU, IMF and the European Central Bank. The affected workers may face dismissals or forced to take on early retirement or alternatively be relocated to other public sector organisations. According to media sources, OSE is one of the first public sector organisations to place their employees on the labour reserve until the end of 2011.
At the end of September, the Greek parliament adopted the latest set of austerity measures needed to secure another payment under the bail-out from the European Union and the International Monetary Fund. The plan involves cutting 14.32bn euros ($20.50bn; £12.82bn) of public spending, while raising 14.09bn euros in taxes over five years. Some of the austerity measures include: the number of civil servants to be suspended on reduced pay will rise to 30,000 by the end of this year, from 20,000 planned initially. They will receive 60% of pay for one year, having been promised a job for life. All temporary contracts for public sector workers will be terminated. Only one in 10 civil servants retiring this year will be replaced and only one in 5 in coming years.
Over 10,000 civil servants and students demonstrated in Athens in a public sector strike against deeper austerity cuts that shut down public service delivery nationwide. At the same time public transport came to a standstill yet again on Monday October 10, as the employees' unions called a 24-hour strike, protesting the government's labour reserve measure. Unions have announced that they will carry out indefinite strikes in case even one of their colleagues is put in labour reserve status.
OSE is the Greek national railway company which owns, maintains and operates all railway infrastructures in Greece with the exception of Athens' rapid transit lines. At that time OSE employs 3,820 people, ERGOSE has another 340 and GAIOSE 22 people. According to media sources, the company's debt had reached 9.5 billion euros by the end of last year.
Eurofound (2011), OSE, Internal restructuring in Greece, factsheet number 72567, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72567.
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