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Over PLN 16 million of additional funds for JSW employees

Over the last three months, Jastrzębska Spółka Węglowa paid out more than PLN 16 million to its employees in the form of additional incentive and task-based bonuses.This is the result of the company’s policy aimed at rewarding its employees for effective performance, results and engagement.After four months of 2012, an average gross remuneration per employee of JSW amounted to PLN 7,187, and was the highest in the industry.

Since March 2012, the incentive bonuses have been paid out to employees working in panels and mine faces, as well as those conducting reinforcement and liquidation works.Since April this year, every JSW employee has become eligible for the task-based bonus.

In March, April and May, miners working in the extraction brigades, the heading brigades, and the reinforcement and liquidation brigades received incentive bonuses for the total amount of over PLN 7.3 million. The incentive bonus may increase an employee’s remuneration even by as much as 12%.

“The engagement of our employees allowed us to exceed our extraction plans for the first quarter of 2012 by 246,000 tonnes of coal, and make 1,696 more metres of roadway workings.The fact that the output exceeded the projections is attributable to a well-structured bonus system,” said Robert Kozłowski, Vice-President for Financial Matters. “Undertaking measures to rewardthe most committed employees is a standard procedure in every professionally managed company.Our employees understand it, because they see that this is a transparent solution, which is beneficial for both sides: the company and the employees.”

Apart from the incentive bonuses, the company has also introduced additional task-based bonuses available for every employee. The task-based incentive may increase an employee’s average remuneration by 6%. In April and May, JSW dedicated almost PLN 9.4 million to that purpose.

After four months of 2012, an average monthly remuneration amounted to PLN 7,187 gross, and is almost twice as high as an average remuneration in the enterprise sector, which in the period between January and April 2012 amounted to PLN 3,681 gross. Apart from additional incentive and task-based bonuses, all employees will receive an award on account of profits in the total amount of PLN 130 million (an equivalent of a monthly gross remuneration), and a right to dividend from profit for 2011 on account of shares acquired free of charge.

In 2012, the company's payroll budget will increase by indexation. Since 2000, the amounts of remuneration paid to JSW employees have increased by more than 125%. The year 2011 itself brought a growth of 10.7%, with indexation at 4.3%.