Too many sign up for Polaniec's early retirement offer

Tractabel of Belgium, owner of a 25% stake in the Polaniec power plant, has been overwhelmed by the response to its record-high offer to workers agreeing to take early retirement. Three months ago Tractabel offered compensation averaging zl.100,000 per person for any of the plant's 2,300 employees who agreed to the voluntary redundancy. More than 700 workers accepted the offer, but since among them are some considered key to the plant's success, only 680 to 690 will be allowed to leave. Justifying the high level of compensation offered, Piotr Wojcicki, who is responsible for the Polaniec power plant's development strategy, said, "In the long term it will be profitable. The company has to cut the size of the workforce because it is too large at the moment." The Polaniec power plant supplies 5.5% of Poland's energy needs. Having paid $84 million in June for the stake in the plant, Tractabel is planning to invest a further euro 339 million in it up until 2011. (Gazeta Wyborcza, p. 21) A.K.