Warsaw (Puls Biznesu) – Record income generated by KGHM copper producer will be smaller by PLN 100m (EUR 26.1m). The money will be paid out to its employees.
17,500 miners and steel plant workers employed in the company listed on the Warsaw Stock Exchange will receive an additional wage, an award for the record income generated in 2006. The bonus will be paid out till January 24th. Trade unions fought for this bonus for nearly six months.
“We know that the 2006 income is higher than expected PLN 3.38 billion, which was already very high. The staff deserves the bonus because it has the biggest influence on financial results”, Ryszard Zbrzyzny, the head of ZZPPM trade union and an SLD leftist party MP said.
“All our postulates were met”, Piotr Trempala, the head of ZZPD trade union added.
The miners will get even PLN 7,000 of a bonus. The company will spend PLN 100m for the awards. Meanwhile rules concerning bonuses proposed by all trade unions have been approved of. The employees will get a bonus amounting to an average wage if the company has PLN 200-500m of net income. Further bonuses are possible depending on the income. The employees may get bonuses amounting to three average wages annually.
“The system of bonuses has been systematized, which is very important to us”, Radoslaw Poraj-Rozecki, KGHM spokesman said.
KGHM stock dropped yesterday on the news of the bonus and decreasing copper prices. Since the end of December, the stock has fallen from over PLN 90 to PLN 83.5.
(PLN 1 = EUR 0.261)