New World Resources - OKD signs collective agreement
The key features of the agreement are:
- The base tariff wages remain unchanged for 2014 and are only corrected for inflation in 2015; thereafter the wages will be renegotiated on a yearly basis.
- The holiday and Christmas bonuses have decreased from 14 and 16 days equivalent wage to 6 and 6 day equivalent.
The agreement leads to around 8 per cent decrease in personnel expenses at OKD in 2014 compared with 2013 in CZK terms. This expected decrease consists of around 4 per cent decrease in total remuneration and around 4 per cent expected headcount reduction, not taking into account redundancies in relation to the Paskov mine closure.
Gareth Penny, Executive Chairman: "We are pleased to have reached a solid outcome for the Company and its employees. Reaching the new collective agreement is another important step forward in addressing our cost base. We are committed to deliver on our business optimisation strategy in a socially responsible manner to become a much more sustainable business."
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