Metalloinvest raising enterprise employees’ pay from 1 March
24 February 2021
Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, is increasing pay for enterprise employees from 1 March.
The increase will amount to 5%, with about 1.9 bn roubles allocated to the raise, including social security contributions.
The majority of these funds will be allocated to a guaranteed 4% salary increase and the remaining 1% will be used to increase the volume of the existing payments.
The salaries of employees who are not included in the performance management system will be increased from 1 March, while salaries for those included in the system will be increased from 1 April.
Nazim Efendiev, CEO of Management Company Metalloinvest, said: "Metalloinvest’s enterprises employ the top professionals in the industry and our goal is to lead the industry in terms of employee income. We are continuing systemic work to improve the well-being of our employees. Based on the results of the first half of the year, a decision will be made around a further increase of the payroll fund this year.”
In the course of 2020, the income of employees at Metalloinvest enterprises was increased twice. Taking into account the introduction of new bonus schemes, additional payments and allowances, as well as the redistribution of the payroll fund, the total increase in income was about 12% at the end of 2020.
In total, over the last three years, the average monthly salary at Metalloinvest grew by 32-35%, depending on the enterprise.
Metalloinvest offers one of the best social benefit packages in the industry. The Company implements a broad range of programmes for its employees, their families and retired employees. In 2020, spending on internal social programmes amounted to around 3.3 bn roubles.
During the coronavirus pandemic, the Company focused on protecting the health and well-being of its employees. Metalloinvest allocated around 1 bn roubles to support employees and equip its enterprises as part of the fight against COVID-19. The Company also allocated around 2 bn roubles towards supporting medical institutions in the regions where it operates.
Metalloinvest is developing its engagement with employees on the principles of partnership. The Company has had a Standard Collective Agreement in place since 2008, which guarantees the same social and labour standards for all of Metalloinvest’s enterprises. The agreement is an act of social partnership that provides for mutual obligations of the employer and employees of the Company.
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