Salary cuts affect the Public Corporations of Common Benefit

The Minister of Economics Mr. Giorgos Papakonstantinou announced salary cuts in the Public Corporations of Common Benefit (ΔΕΚΟ) during the discussion about the economy bill due to be passed in Parliament on Tuesday 14th of December 2010.

Analytically, Mr. Papakonstantinou mentioned that "With the passing of this law, the ministry of Finance will send a letter to the 'ΔΕΚΟ' containing a request to take the appropriate actions, taking into account the fiscal situation of each corporation. These stock market trading ΔΕΚΟ will have to contribute to salary savings. During the General Staff Meeting, the government will exercise its right to approve of these changes".

This situation update confirms last Thursday's report by protothema.gr on the intentions of the Ministry of Finance.
Thus the regulation of the reduction will not supercede 25% compared with 2010's budget returns, and it affects Public Corporations such as ΔΕΗ (Public Corporation of Electricity), ΕΥΔΑΠ (Athens Water Supply and Sewerage Company SA), ΟΠΑΠ, Hellenic Petroleum, ΟΛΠ etc;  thus, union reactions are expected to be severe, with ΓΕΝΟΠ/ΔΕΗ already threatening to "flip the switches".