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The Voluntary Dismissal Plan of the Energy Company Eletrobras Will Be the First Since Its Privatization, and About 2,312 People Are Eligible
The Voluntary Dismissal Plan (PDV) of the Brazilian energy giant Eletrobras began on Tuesday, the 1st, which was announced by the company last Friday, the 28th. This will be the first voluntary dismissal plan of the electric utility since its privatization, officially carried out on June 14 of this year.
The dismissal plan will cost approximately R$ 1 billion and is being introduced simultaneously at Eletrobras CGT Eletrosul, Chesf, Eletronorte, and Furnas, in addition to the holding company itself, according to information from the Reuters news agency.
The voluntary dismissal of Eletrobras is aimed at employees who are retired by the official social security or eligible for retirement by April 30, 2023, taking into account the criteria of the INSS itself (age and contribution time required for the years 2022 and 2023). In all companies of the group, there are 2,312 eligible employees for the energy company’s voluntary dismissal plan.
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Enrollment Period
According to Eletrobras, the estimated payback is 11.2 months, and the enrollment period will be from November 1 to 18. Dismissals will occur in staggered groups from December to April 2023.
Eletrobras also stated that the commitment to open the program is part of the proposal by the Superior Labor Court (TST) for the Collective Labor Agreement (ACT) 2022/2024 and includes the proposition of conditions superior to those offered in the last version of the PDV, from 2019.
Eletrobras Privatization Should Not Be Halted by the New Government
The elected president on Sunday, the 30th, stated during the electoral campaign that he would reverse the privatization of Eletrobras if elected. However, he took a step back on this issue, as even if the left-wing candidate decided to insist on reversing the privatization process, the chances of success would be slim, according to some financial market analysts.
The analysis is that Eletrobras is Protected from any potential re-statization, as besides the clause that limits any shareholder’s voting power to 10%, there is a poison pill, a mechanism that discourages aggressive acquisitions, of 200%, if any shareholder acquires control of Eletrobras.
“According to the terms of the privatization, the voting power of any individual shareholder is limited to 10%. There is also a poison pill of 200% if any shareholder decides to acquire control of the company, which at this moment would translate to a cost of over 300 billion reais.”
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