KGHM Polska Mied? S A : Salary negotiations at KGHM completed - employee salaries will increase by 13.2 percent

Two meetings and an agreement - representatives of the Management Board of KGHM Polska Miedź S.A. have concluded negotiations with labor unions on, among other things, salary increases.

"Thank you very much for the smooth conduct of the negotiations at this time of difficult macroeconomic conditions. Both parties to the agreement acted primarily in the interests of KGHM employees. Together we agreed on a record increase - a 13.2% increase in the base pay rates," said Tomasz Zdzikot, the CEO of KGHM Polska Miedź S.A.

The base pay rates will rise by 13.2 percent starting in January. The parties also agreed on a payment of a one-time financial reward of PLN 2,000 per employee after the results for the first half of the year are calculated, provided that the production volume planned for the first half of the year is achieved and the average copper price stays at a level not lower than that assumed in the budget.

Given the complex macroeconomic situation, after KGHM's results for the first half of the year are announced and the decision to pay the one-time financial award is made, the parties will analyze the changes in the wages paid in the company and, in particular, compare them to the inflation rate.

The KGHM Management Board would like to thank the trade unions for the constructive discussions and their professional approach to the negotiations on the salaries of the company workforce.