PhosAgro ao

Remuneration Information • Jan 29, 2024

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author: Головин Александр Владимирович
date: 2024-01-29 08:40:00+00:00

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PhosAgro to Index Wages of All Employees by Another 15%

Moscow – PhosAgro has decided to index the salaries of employees at all Group companies by a further 15%, starting 1 February 2024.

The average salary of the Company’s employees increased by 60% from 2021 through 2023. The decision to raise salaries again was taken by PhosAgro’s Management Board following an expanded meeting involving members of the Company’s Board of Directors and senior management. The meeting summarised the results of the Company’s social programme and efforts to develop its human resources.

“The decision to index wages was based on the Company’s excellent production and economic performance. This will bolster the material well-being of our employees and serve as an important incentive to further drive productivity, which has increased by 160% over the past 10 years. We provide our exceptional workforce – our primary asset – with safe, comfortable working conditions and decent wages. According to the ratings published by authoritative agencies and business media, we are among the best employers in the country,” said PhosAgro CEO Mikhail Rybnikov.

In addition to wages, the Company’s enterprises have a flexible system of incentives and bonuses in place for meeting and exceeding production targets. Moreover, annual bonuses are paid out to mark professional holidays – Chemist’s Day and Miner’s Day. In 2023, for example, every current employee was paid a total of RUB 100 thousand, and former long-service employees were paid RUB 20 thousand each.

New collective agreements recognised by experts as the best in the industry have been in force at PhosAgro Group’s production sites since 1 September 2023. The agreements include a standardised, expanded list of benefits for employees, including increased financial benefits. The agreements cover private medical insurance for all employees, as well as recuperation and summer recreation programmes, including for the children of current employees and former long-service employees. All PhosAgro production sites have modern sports facilities, canteens, museums and interactive learning facilities in place that are free of charge for Company employees. The Company operates a popular corporate housing programme that has already helped the families of nearly 3,000 employees improve their living conditions.

The Company has increased funding for its charitable and social projects sevenfold over the past 10 years, with funding exceeding RUB 25 billion in the last two years.

PhosAgro Group enterprises employ more than 23 thousand people.

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 high-performance fertilizers produce crops with advanced features.

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