Wages fund at Kazanorgsintez increased by 206 million rubles

14 February 2019

Wages fund at Kazanorgsintez increased by 206 million rubles

PJSC Kazanorgsintez published quarterly reports for the fourth quarter of 2018. As of December 31, 2018, the company's market capitalization exceeded 181 billion rubles (181 722 725 thousand rubles). As compared with the figures as of December 31, 2017, the capitalization of Kazanorgsintez increased by 26.51%.

Company also showed an increase in the payroll. As of year-end 2018, the payroll amounted to 5.1 billion rubles. Compared to last year, it grew by 4.2%. In absolute terms, the increase amounted to 206 million rubles. At the same time, the average number of the company's personnel is almost at the same level - 8 246 people, which is only 88 people less than last year.

The increase in the wage fund was due to the indexation of salaries and tariff rates since August 2018. At that time the average salary increase was 11%. The increase affected workers, engineers and office employees. Indexation did not affect the top management of the company. In 2018 remuneration to members of the Board of Directors and the Executive Management, which is paid based on the results of work for the previous year, decreased. 

There was also an increase in social benefits to employees. For 2018 their amount exceeded 105 million rubles. In relation to 2017 it grew by 12.4%. The main reason for the growth was the increase in the minimum wage at the federal level. The amount of social benefits in the Collective Labour Agreement of PJSC Kazanorgsintez is tied to the minimum wage. Accordingly, it is automatically indexed with an increase in the minimum wage. We would like to remind that the Collective Labour Agreement of PJSC Kazanorgsintez is considered one of the best in Tatarstan and has been repeatedly recognized as such by the Federation of Labor Unions of the Republic of Tatarstan. The document contains several dozens of points providing for social benefits to employees in different life situations starting from one minimum wage and higher.

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