The parties arrived at such decision through persistent work and uneasy preliminary talks.
The consensus has been found due to understanding that collective Agreement should be based on strict compliance with labour legislation. Besides this Agreement should correspond to a new stage of FESCO development and meet the requirements of market economy.
The document implements a new system of a remuneration of labour that provides a wide range of stimulating extra charges. All of them are supposed to raise employees` interest in final results of their work, increase its productivity, efficiency and quality, and responsibility for work done.
Moreover salaries of officers and chief officers have raised approximately on 30-40%. Shareholders assigned $4 million per year for these purposes. It is the second step of implementing the program how «slowly but steadily» increase the salaries in the company.
Last year the salaries of chief officers (masters, chief engineers, chief mates) increased on 50-70%. And next year the salary of sailors will be increased too.
If we speak about social responsibility of FESCO, the company pays considerable budget taxes in time, it is the basic social contribution. The wages and salaries are paid without delays.
The FESCO top management carries out all clauses of collective Agreement concerning social privileges to employees of the company. For example, when an employee is retired, he/she gets 5 official month salaries. Besides there is a constant financial support of FESCO Association of labour veterans (about 4 thousand people).