Voluntary redundancy scheme in Polsteam. First volunteers have already come forward

The scheme was introduced on April 04 by Paweł Brzezicki, the receiver in bankruptcy of Polsteam (PŻM). The concern is in dire financial situation and the scheme is undertaken as part of the turnaround business plan.

 

According to the information provided by Krzysztof Gogol, the spokesperson for Polsteam, as at April 18 a number of applications have already been submitted. 

 

For the time being, PŻM does not want to disclose how many people need to be dismissed.  

 

"The target headcount will be determined by an international audit firm, based on the benchmark data from other ship-owners from around the world which are similar to PŻM," explains Krzysztof Gogol. "The preparation of the estimates has been commissioned by the bank that currently reviews PŻM's application for a loan to refinance other investment loans based on more advantageous terms. More information about the scale of headcount reductions will be provided in May.”

 

Krzysztof Gogol explains that the voluntary redundancy scheme is exclusively addressed to inland staff. It does not concern seafaring employees. 

 

All those who want to join the scheme can file applications by May 31 - they will receive compensation the amount of which will depend on the number of years they spent with PŻM.  Those who have worked for longer than 8 years, will receive up to nine salaries, those with 2-8 years of seniority - eight salaries, and the people who have been with Polsteam not longer than two years - seven salaries.

 

"The employer may refuse to accept the application for example if the employee cannot be substituted in the given position with another, adequately qualified employee," stresses the spokesperson.   

 

As mentioned, the auditor is in the process of drawing up the turnaround business plan that will indicate, among others, what further saving-related steps need to be taken.

 

Polsteam (Polska Żegluga Morska, PŻM)  is a state-owned national entity and the biggest shipowner in Poland with more than 50 vessels at its disposal. Its core business activity is focused on dry bulk transportation.  At the end of 2016  Paweł Szynkaruk, the director of Polsteam, handed in his resignation, following which Deputy Prime Minister  Mateusz Morawiecki decided to introduce receivership. In February Paweł Brzezicki was appointed the receiver. Paweł Brzezicki filled the function of the general manager of Polsteam over the years 1998 - 2005 and recently he served as the Deputy Minister at the Ministry of Maritime Economy and Inland Waters. 

 

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