PhosAgro PJSC: PhosAgro Group to Index Wages of All Employees by Another 15%

PhosAgro Group to Index Wages of All Employees by Another 15%
 

Moscow – PhosAgro Group plans to index the salaries of the staff of all its production sites by 15%, starting in April.

This decision, made by PhosAgro’s Management Board at a meeting on 24 March, was driven by the Company’s excellent operating performance, increased labour productivity and agrochemical production, as well as the improved efficiency of business processes.

Besides wages, the Company’s production sites have a flexible bonus system in place that is tied to the fulfilment and over-fulfilment of production targets. In addition, annual bonuses are paid out to mark professional holidays – Chemist’s Day and Miner’s Day.

All PhosAgro production sites have collective agreements with a common list of benefits and incentives for personnel. All employees have access to healthcare through private medical insurance. In addition, wellness and summer holiday programmes are in place, including for the children of employees, and the corporate housing programme is very popular.

Mikhail Rybnikov, PhosAgro CEO and Chairman of the Management Board, said: “More than 22 thousand people work at PhosAgro Group enterprises. And every one of them makes an important contribution to our steadily improving production results and to national food security. We consider our employees to be the Company’s main asset, which is why we have created safe, comfortable working conditions, and why we guarantee decent, competitive wages.”

The average salary of PhosAgro employees increased by 11% in 2021 and by another 22% in 2022.

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of mineral phosphorous fertilizers and of high-grade apatite concentrate grading 39% P2O5 and higher. PhosAgro’s fertilizers are highly effective, ensuring the improved quality of agricultural produce.

PhosAgro Group is the largest manufacturer of phosphate-based fertilisers in Europe (by total capacity of DAP/MAP/NP/NPK/NPS production), the largest producer of phosphite grading 39% P2O5 in the world and one of the leading global producers of ammonium and diammonium phosphate, one of Europe’s leading and the only producer in Russia of monocalcium phosphate feed (MCP), and the only producer in Russia of nepheline concentrate.

The company’s main products, including phosphite, 57 grades of fertilizer, phosphate feed, ammonium, and sodium tripolyphosphate, are used in around 100 countries on all inhabited continents. Our priority markets, besides Russia and the CIS, are Latin America, Europe, and Asia.

The company's shares are listed on the Moscow Exchange and its Global Depositary Receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).   

More information about PhosAgro PJSC can be found on our site: www.phosagro.ru