Due to the difficult financial situation of the company the 14th salary will be paid by 1 June this year, and the employer will be required to pay interests on account of transfer of payments in relation to the deadline from previous years, namely February 15. It was also agreed that the 14th salary for the year 2015 will be paid according to the principles used for calculating the previous awards for the year2014.
This is the last outstanding benefit the employer decided to pay, since the right to get it had been acquired by employees before the conclusion of the February agreement with the social party.
The provisions which introduced significant reduction of benefits paid to employees stated in the agreement concluded with the representative trade unions of JSW on September 16 last year still apply. According to this agreement, for 3 years - starting in 2016 - JSW suspends among others 14th salary and coal equivalent and in the case of the Miner's administration also the special bonus “Barbórka”. This will help during these three years to reduce labor costs by about 2 billion, which makes about 20 percent. A similar amount of reduction has been applied to all directors of JSW's mines and plants as well as office managers employed in the management office. Also the salaries of the board of JSW and its subsidiaries has been reduced by 20 percent.