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PhosAgro to Index Wages of All Employees by Another 15%

29.01.2024 | News

PhosAgro has decided to index the salaries of employees at all Group companies by a further 15%, starting 1 February 2024.

The average salary of the Company’s employees increased by 60% from 2021 through 2023. The decision to raise salaries again was taken by PhosAgro’s Management Board following an expanded meeting involving members of the Company’s Board of Directors and senior management. The meeting summarised the results of the Company’s social programme and efforts to develop its human resources.

“The decision to index wages was based on the Company’s excellent production and economic performance. This will bolster the material well-being of our employees and serve as an important incentive to further drive productivity, which has increased by 160% over the past 10 years. We provide our exceptional workforce – our primary asset – with safe, comfortable working conditions and decent wages. According to the ratings published by authoritative agencies and business media, we are among the best employers in the country,” said PhosAgro CEO Mikhail Rybnikov.

In addition to wages, the Company’s enterprises have a flexible system of incentives and bonuses in place for meeting and exceeding production targets. Moreover, annual bonuses are paid out to mark professional holidays – Chemist’s Day and Miner’s Day. In 2023, for example, every current employee was paid a total of RUB 100 thousand, and former long-service employees were paid RUB 20 thousand each.

New collective agreements recognised by experts as the best in the industry have been in force at PhosAgro Group’s production sites since 1 September 2023. The agreements include a standardised, expanded list of benefits for employees, including increased financial benefits. The agreements cover private medical insurance for all employees, as well as recuperation and summer recreation programmes, including for the children of current employees and former long-service employees. All PhosAgro production sites have modern sports facilities, canteens, museums and interactive learning facilities in place that are free of charge for Company employees. The Company operates a popular corporate housing programme that has already helped the families of nearly 3,000 employees improve their living conditions.

The Company has increased funding for its charitable and social projects sevenfold over the past 10 years, with funding exceeding RUB 25 billion in the last two years.

PhosAgro Group enterprises employ more than 23 thousand people.

 

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