Metinvest to raise salaries 15% from April
29 March 2019
Metinvest (METINV), Ukraine’s largest steelmaker, will
raise salaries for its Ukrainian workers 15% on average from April 1, the
company said in a March 28 press release.
Recall, in 2018 Metinvest raised salaries 20% in April and 10% in October.
Dmytro Khoroshun: We estimate
that as a result of the April salary hike, Metinvest’s expenditures on salaries
and related social contributions in Ukraine will increase by USD 43 mln to USD
427 mln in 2019, and that the total yoy increase will amount to USD 69 mln, or
about 0.6% of the holding’s estimated USD 11.6 bln 2019 revenue.
Should Metinvest raise salaries by another 15% in
October, its 2019 expenditures on salaries and related social contributions in
Ukraine will amount to USD 443 mln, with the total yoy increase coming to USD
85 mln yoy, or about 0.7% of 2019 revenue.
