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Hellenic Telecom, Labor Unions Agree on Terms of Wage Pact

Sept. 23 (Bloomberg) -- Hellenic Telecommunications Organization SA and worker unions today agreed on terms for a new collective wage accord, the OME-OTE labor group said.

The main provisions include a reduction in the work week to 35 hours from 40 with a corresponding wage cut of a weighted average of 11 percent over the next three years, Athens-based OME-OTE said in an e-mailed statement.

The agreement is about “ensuring job security” and the company won’t cut wages for any “external reasons” for the duration of the agreement, OME-OTE said.

The accord specifies a return to existing wage levels and work schedules by Jan. 1, 2015, the labor group added. Hellenic Telecom started meeting with labor groups in July to discuss ways to reduce payroll costs.

To contact the reporters on this story: Paul Tugwell at ptugwell1@bloomberg.net; Natalie Weeks in Athens at nweeks2@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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