Zagreb, 7 October – At today’s session, INA Management Board passed a decision about the Redundancy Program. Within the implementation of the Program, the company is considering the severance pay model that currently, in line with the Collective Agreement, amounts 60% of gross annual salary per work year at the employer, and without limitation of the severance pay amount. It is expected that the company will give around HRK 100 million in total for severance pays while average severance pay for war veterans will amount around HRK 300.000 net and for non-veterans around HRK 220.000 net.
The Redundancy Program has been initiated due to organizational and efficiency changes in work processes and technology and following the need to reach higher productivity level and sustain competitiveness in the long run. As it was pointed out earlier, the company will continue looking for other acceptable solutions for redundant employees, including their prequalification or additional qualifications, working part-time and employment of the worker on other jobs in line with business needs and required competencies and qualification. It is anticipated that this would decrease the final number of redundant employees.
Croatian Employment Service will receive the Program in the following days in accordance with the legal procedure.
INA Management Board is responsible for successful and sustainable operations of the company thus in the light of the current business conditions additional efforts are being made also through the rationalization of work force in order to create preconditions for further development of the company.
About INA Group
INA Group has the lead role in oil business in Croatia and plays a major part in oil and gas exploration, oil refining and distribution of oil and oil derivatives in the region. INA Group is made of a number of affiliates fully or partially owned by INA, d.d. The Group is seated in Zagreb, Croatia. Apart from Croatia, INA today has upstream projects in Angola and Egypt. Oil refining is done in INA’s refineries in Rijeka and Sisak, while its retail network consists of 449 petrol stations in Croatia and the region.
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