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Oil Terminal cuts wages by 25 per cent for ten days

Oil Terminal suspends full wage payment for ten days in order to reduce expenses. Almost a thousand employees will be affected by the measure decided after the company concluded the first semester of the year with a loss of one million RON.

2018-08-21 11:21:25

Oil Terminal employees will receive 75 per cent of their salary under Article 53 of the Labor Code. The management of the port operator and trade union representatives have decided that this year will not grant primes for the Petrolist's Day, celebrated on September 8th.

Oil Terminal, the operator of the Black Sea oil terminal, posted net losses of 1.07 million RON for the first six months of the year, compared to a net profit of 11.4 million RON in the same period last year, according to the report submitted to the Bucharest Stock Exchange.

In 2017, the company made a profit of about 5 million RON, after the record profit of 15.4 million RON in profit in 2016. The company's officials explained the situation as a result of market conditions this year.



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