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PROTECTION FOR EMPLOYEES OF "PROBLEMATIC" ENTERPRISES

If their employment relationship has been terminated, employees of enterprises in which the state Business Restructuring Organization has acquired a holding (see bankruptcy of the employer ) are entitled, independently of the payment of statutory severance pay, to choose, in a written notification submitted to the OAED within ten days from the announcement of the termination, between the following: (a) unemployment benefit , or (b) participation in the OAED's special re-training schemes, or (c) becoming self-employed. If they fail to submit the above notification, they are deemed to have accepted unemployment benefit. Those who opt for unemployment benefit receive at the end of each month, for a period of twelve months from the termination of their employment relationship, a sum equal to their normal monthly pay averaged over the preceding year, currently subject to a ceiling of 200,000 drachmas. Those who opt to become self-employed receive the total twelve months' benefits in a single lump sum.

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