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Press Releases / 2012 / OKD concludes 2012 basic wage agreement with Trade Unions 

OKD concludes 2012 basic wage agreement with Trade Unions


New World Resources Plc (‘NWR’ or the ‘Company’), one of Central Europe’s leading hard coal and coke producers, announces today that its wholly owned subsidiary OKD, a.s. (‘OKD’) has reached agreement with its Trade Unions on the basic wage level for 2012.

Under the agreement, OKD employees will receive a 3% increase in their basic wage for 2012 effective from 1 April 2012. In addition, in line with the agreement concluded in 2011, OKD employees will also receive the equivalent of 14 times the average daily wage as a summer holiday allowance and the equivalent of 16 times the average daily wage as a Christmas allowance.

On the basis of the agreement, OKD’s total personnel expenses for 2012 are expected to remain broadly flat in CZK terms compared to the previous year, in line with our guidance on flat mining unit costs for 2012.

Commenting on today’s announcement, Radim Tabášek, Chief Human Resources Officer of OKD, said;

"Today's agreement recognises the importance we attach to the proper remuneration of our staff and strikes an appropriate balance between the requirements of the Trade Unions and management’s responsibility for sustaining the long term financial health of the business for all its stakeholders."

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