Greece’s largest manufacturer of defense electronics products, systems and applications
Corporate Employment & Labour Law
PARTNERS OF THE TEAM WHO LED THE ADVICE:
We have provided advisory services to our clients (a company that employs approximately 600 employees) in terms of implementing a wide range labour cost reduction programme, which has resulted a 20% reduction of the total annual labour cost. We have drafted an integrated plan, which involved alternatives solutions instead of horizontal nominal pay-roll reduction. Our plan involved a reduction of the weekly working hours program, with proportional salary cut, a small range lay off scheme and a rationalization of employees benefits. As soon as our strategic plan was approved by the company’s management we provided advisory services in order to implement our plan. The actual financial benefit for our client reached the amount of 2.000.000 euros annually.