Salary increases of 9% for 2024 and 7% + 7% for 2025 and 2026 are foreseen in the new three-year Collective Labor Agreement signed by the ADMIE administration with GENOP/DEI-KHE and the Primary Workers’ Unions.

The agreement was signed on behalf of the Operator by President and CEO Manos Manousakis, and on behalf of GENOP/DEI-KHE by President Antonis Karras and General Secretary Kostas Maniatis.

As highlighted in the related announcement:

The third consecutive Collective Labor Agreement signed by ADMIE since the change in its shareholder structure ensures significant salary increases and establishes a series of benefits and allowances for all employees.

Specifically, the new agreement foresees salary increases of 9% for 2024, totaling €4 million, with retroactive effect from January 1st. Additionally, further increases of 7% in salary scales are planned from January 1, 2025. These increases cover and exceed the high inflation period that preceded. Furthermore, increases of 7% are foreseen from January 1, 2026.

Among other things, new special leaves are incorporated based on legislative provisions, and all benefits and special allowances agreed upon in previous Collective Labor Agreements are codified.

During the signing of the new agreement, ADMIE President and CEO Manos Manousakis stated: “The signing of the new Collective Labor Agreement demonstrates the willingness of the company’s two major shareholders for labor peace and security. Responding to the new conditions and the increased cost of living, with the new agreement we safeguard labor rights and ensure significantly larger salary increases compared to previous collective agreements. The new agreement also incorporates essential innovations, such as the Gender Equality policy, through which we will address these crucial issues comprehensively. As management, we fully recognize that the employees are the ones who will carry out ADMIE’s transformation, which is why we will continue striving for the continuous improvement of working conditions. We also express our gratitude to the negotiating committees of GENOP/DEI-KHE and ADMIE for this very positive result.”

Referring to the digitalization plan for the maintenance of ADMIE’s Transmission System, Mr. Manousakis clarified that labor rights will not be affected by the technological advancements that must be adopted for the company to maintain its leading role in the international energy market. “We will move to a new system maintenance approach without job losses or salary reductions, utilizing our human resources in a more effective and intelligent way,” he noted.

GENOP/DEI-KHE President Antonis Karras stated: “It is an honor for me to be at ADMIE to sign another collective labor agreement, which is still a goal for many organizations and public enterprises. The new Collective Agreement is perhaps the best we have signed in the last 10 years, further improving all previous agreements. This is taking into account that ADMIE is now a company that is continuously growing, much larger than in the past, and plays an active role in the Balkans and the Eastern Mediterranean. Congratulations are due to the management and the employees, who stand by the company in the implementation of all these major energy projects.”