Record increase in salaries in KGHM. Negotiations with trade unionists lasted only two days

Wage negotiations with trade unions in KGHM started on Tuesday, January 24 – says lubin.pl. Employee representatives expected an increase in the basic salary by 15-20 percent. The agreement was reached in two days and although the increases will be lower than expected by the unions, they will still be record-breaking.

Increases at KGHM. How much will the valuation be?

Already on Thursday, January 26, KGHM announced increases and thanked the unions for their constructive criticism and professional approach to talks about the pay conditions of the crew.

Thank you very much for the smooth conduct of the negotiations in these difficult macroeconomic times. Both parties to the agreement acted primarily in the interest of KGHM employees. Together, we set a record increase – 13.2 percent. increase in basic wage rates

– said Tomasz Zdzikot, President of the Management Board of KGHM Poland Copper S.A

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The raises are already there January 2023. In addition, it was agreed that employees would receive 2,000 PLN financial reward per employee after settlement of the results for the first half of the year, provided that the production volume planned for the first half of the year is achieved and the average copper price is maintained at a level not lower than assumed in budget.

KGHM also informed that after the announcement of the results for the first half of the year and the decision to pay the bonus, together with the unions, they will analyze the development of wages in the company, and in particular their relation to inflation.

Inflation peak ahead

Record valorization of salaries, but also pensionsis associated with high inflation. Increase in December cen slowed down slightly and amounted to 16.6 percent. However, economists expect an increase in early 2023. Inflation is expected to peak in February.

The price increase on an annual basis is then to exceed 19%, but thanks to the decrease in energy prices, it may not reach the psychological barrier of 20%.

By the middle of the year, we should see inflation at the level of 12-13 percent.

– judged Ludwik Kotecki, member Monetary Policy Council.

He warned that due to supply reasons, there might not be a seasonal drop in food prices, which would lower inflation. He also pointed out that we should look at core inflation, which has not been falling since November January will be higher again. Further decisions on interest rates depend on this indicator. Today it is 11.5 percent.