In a significant move, PhosAgro has announced a 15% increase in the wages of all its employees across Group companies, effective from February 1, 2024. This decision comes on the heels of a remarkable 60% surge in the average salary of the company’s workforce from 2021 to 2023.
Management’s Decision: The determination to elevate wages further was made by PhosAgro’s Management Board, following a comprehensive meeting with members of the Board of Directors and senior management. This meeting not only discussed the results of the company’s social program but also delved into the continuous efforts to enhance human resources development.
Reasons for the Wage Increase: PhosAgro’s stellar production and economic performance paved the way for this decision. The move aims to strengthen the financial well-being of employees, acting as a pivotal incentive to drive productivity even higher – an impressive 160% increase over the last decade. CEO Mikhail Rybnikov highlighted the commitment to providing a safe and comfortable work environment along with competitive wages, consistently positioning PhosAgro as one of the country’s best employers.
Additional Incentives: Beyond basic wages, PhosAgro implements a flexible system of incentives and bonuses tied to production targets. Annual bonuses are distributed on occasions like Chemist’s Day and Miner’s Day, with employees receiving substantial amounts. In 2023 alone, every current employee was awarded a total of RUB 100 thousand, while long-serving former employees received RUB 20 thousand each.
Collective Agreements and Benefits: Since September 1, 2023, PhosAgro has enforced new collective agreements, recognized as industry leaders. These agreements encompass an expanded list of benefits, including enhanced financial perks. Notably, employees now have access to private medical insurance, recuperation, and summer recreation programs for both themselves and their children. The company’s commitment to employee well-being is evident through the provision of modern sports facilities, canteens, museums, and free interactive learning facilities.
Corporate Social Responsibility: Over the past decade, PhosAgro has demonstrated a sevenfold increase in funding for charitable and social projects, exceeding RUB 25 billion in the last two years. This not only underscores the company’s dedication to its workforce but also its responsibility towards the community at large.
Conclusion: With more than 23 thousand employees across its enterprises, PhosAgro’s commitment to consistently improving employee well-being, coupled with impressive financial and social initiatives, solidifies its position as a leader in the industry. The wage indexation is not just a monetary boost but a testament to PhosAgro’s enduring commitment to fostering a thriving and content workforce.
