September 21 (SeeNews) - A total of 900 employees of Serbian state-owned power producer Elektroprivreda Srbije (EPS) have applied for voluntary leave, which is expected to cost the company 2 billion dinars ($18.1 million/16.2 million euro) in severance packages, local media reported on Wednesday.
According to Novosti daily, EPS expects some 1,500 people to apply for severance pay by the end of this month. The amount of severance will depend on the length of employment, with most expected to get between five and 21 average gross salaries.
EPS has until November to accept or reject the voluntary leave applications, while the workforce cuts will be implemented by the end of the year.
The International Monetary Fund (IMF) has insisted on reforms in EPS as part of measures to stabilise Serbia's public finances. The reforms include the layoff of several thousand workers. Optimisation of staff numbers is, however, expected to save EPS some 100 million euro by 2020.
(1 euro=123.321 dianars)