Metalloinvest, a leading manufacturer and supplier of iron ore products and hot briquetted iron in the world market, one of the regional producers of high-quality steel, will increase the income of employees of the Company's enterprises from October 1, 2020.
The increase will amount to 5%, for which more than 620 million rubles will be allocated by the end of 2020, taking into account deductions for social insurance.
The bulk of these funds will be used to ensure a guaranteed wage growth of 3%. The remaining 2% of the raise fund will be allocated to increase the current payments.
The relevant decisions were made at the Social Council of Metalloinvest, a collegial body of social and labor partnership between employees and the employer. The Social Council includes heads of the Management Company, Metalloinvest enterprises and representatives of trade union organizations.
“This is the second increase in revenues this year: since March 1, they have also been increased by 5%,” said Nazim Efendiev, CEO of MC Metalloinvest. - The situation in the markets for iron ore and steel products remains difficult, but it is of fundamental importance for us to ensure the stable well-being of our employees in any economic situation. The increase in the income of employees of our enterprises outstrips the growth rate of the cost of living in the regions where we operate. We provide an income level that allows us to attract and retain the best professionals in the industry who are proud of their work at Metalloinvest's mills. ”
As a result of the increase in income from March 1 and October 1, the introduction of new bonus plans, the redistribution of payroll and other payments, the total increase in the income of employees of Metalloinvest enterprises will be about 14% by the end of 2020. In 2019-2020. a number of new bonus plans were introduced, the main one of which is quarterly incentives for compliance with labor protection and industrial safety rules.
Over the past three years, the growth of the average monthly salary in the Company, depending on the company, has amounted to 27-34%.
The amount of remuneration for each employee depends on the results of his work. The salary of the Company's employees is formed from fixed and variable parts. The variable part of the remuneration consists of payments based on the results of meeting key performance indicators, as well as quarterly bonuses to employees who demonstrate a high culture in the field of labor protection and industrial safety. Employees can also receive additional bonuses for innovation, operational improvements, productivity improvements, and other achievements.
Metalloinvest has one of the best social packages in the industry. The company implements a wide range of programs for employees, their families and former employees (retirees). In 2019, expenditures on internal social programs amounted to more than 2.9 billion rubles.
During the coronavirus pandemic, the Company focused its efforts on protecting the life and health of its employees. Metalloinvest has allocated more than 800 million rubles to help employees and equip enterprises in the fight against COVID-19. In addition, the Company allocated 2 billion rubles to support medical institutions in the regions where it operates.
Metalloinvest builds cooperation with employees on the principles of partnership. Since 2008, the Company has had a Standard Collective Agreement containing the same social and labor standards and guarantees for all Metalloinvest enterprises. The agreement is an act of social partnership and provides for mutual obligations of the employer and employees of the Company.