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Economy

Greek Electric Utility Hands Out Big Severance Bonuses

ATHENS – Workers being let go by Greece's cash-bleeding state-run electric company that's being privatized will get a 20,000-euro ($21,638) bonus on top of a big 15,000-euro ($16,228) severance payout.

The union of the Public Power Corporation workers (GENOP/DEH) that has been losing money for years quickly accepted the offer from the management for workers with full pension rights  at the West Macedonia Lignite Center and the subsidiaries Meliti Lignite and Megalopoli Lignite, said Kathimerini.

The previous Public Power Corporation management had offered a bonus of 10,000 euros ($10,819) per person and there was no explanation from where the money would come or how the payout would be viewed by whomever acquires the money-losing utility.

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