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Within the program for increasing business operations efficiency, NIS employees are offered the opportunity to leave the company on the voluntary basis. Employees who opt for employment termination by mutual consent by 8th April will be paid 560 EURO gross per year of service, as well as one and a half gross salary which is far above amounts prescribed by the law. Further, in accordance with the trade union’s recommendations the Company adopted the decision to effect the amount equal to the amount of total reimbursement in case of unemployment which would be effected by the National Employment Service. The number of employees who would ensure efficiency and stability of NIS operations in the best way is one of the most important tasks entrusted to the company’s management team by two major shareholders, Gazprom Neft and the Government of Serbia. The redundancy program was adopted by the management with the approval and participation of trade union organizations. The dynamic growth with the appropriate number of employees will ensure the growth of the company’s revenue and higher dividends for around three million employees in possession of NIS shares, as well as benefits for other citizens since NIS is the biggest company in Serbia contributing to the national economy as much as one strategic branch of agriculture. Better efficiency of NIS operations is a prerequisite for increasing the scope of investments which will result in opening new job positions. Employees are one of the most important NIS resources which fact is best reflected by provisions of the Collective Agreement being the most complete one in the region, in particular with respect to employee right protection, and protection of their health and safety. NIS made payments under the last most extensive social program in the Balkans in the previous period. Every employee who left the company on the voluntary basis was effected around 22.000 EURO under the severance pay. NIS has also established the Transition Centre with the aim to ensure training to redundant employees searching for new jobs and support entrepreneurship. After the expiry of the Social Program at the end of last year, employees' right have not remained unprotected. On the contrary, NIS and trade union organizations entered into Annex to the Collective Agreement envisaging the severance pay in the amount of 560 EURO (gross) per year of service, as well as one-off severance pay in the amount of 1.5 average employee monthly salary. The Annex stipulates that employment termination will depend on technological, economical or organizational changes in the company therefore the number of redundant employees is still unknown. An employee may not be declared redundant until the Board of Directors has adopted the Program accepted by trade union organizations and the National Employment Service. The Annex to NIS Collective Agreement represents the agreement between the NIS management and trade union organizations which consider this document to be the result of partner relations of two socially responsible partners. The joint statement of the Chairman of the Trade Union Organization of NIS Naftagas, Mr. Milenko nedić and the Chairman of the Trade Union Organization of NIS j.s.c., Mr. Goran Takić: “Severance pays envisaged under the Annex to the Collective Agreement reflect the Company’s strength and size. We must not forget that NIS has the best collective agreement in Serbia and the region, which document guarantees regular and stable earnings above national average in crisis conditions, salary adjustment to costs of living, motivation system, free social security, regulated resolution of residential issues, spa treatments, sport programs and competitions. All this has been the result of the social dialogue with the management and we are sure that the prosperity of all employees has been ensured under this document “. Additional information: Owing to the extensive investment program in the amount of almost two billion EURO, the number of employees engaged in NIS projects both as NIS employees and outsourced staff, subcontractors and partners has been increased between five and seven times. NIS constantly invests in training and development of its employees, material and immaterial incentives, as well as in improvement of staff professional qualifications quality. The budget for employee training and development is increased by 70% every year, and more than 850 million RSD was allocated for that purpose in the last three years. In addition to that NIS constantly improves its staff quality. That is why the NIS Opportunity Program was launched to offer a chance to young experts to become employed by NIS and prevent their emigration. NIS will employ 700 new experts under this program by the end of this year.