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FIAT GROUP AND MINISTRY OF THE ECONOMY AND REGIONAL DEVELOPMENT SIGNED A PROTOCOL WITH REPRESENTATIVES OF REPRESENTATIVE TRADE UNIONS – ZASTAVA VEHICLE GROUP, ‘’CATUS’’ AND ‘’NEZAVISNOST’’ TRADE UNION

FIAT – NEW OPPORTUNITY FOR SERBIAN CAR INDUSTRY




Belgrade, May 14 2008
The Ministry of the Economy and Regional Development signed a Protocol and thereby enabled FIAT Group to enter ZASTAVA. It was envisaged by this Protocol that arrear wages should be paid out to employees in the next 4 years, in 4 equal annual installments (period from 1997 to 2001). All this means that each creditor will sign an Agreement referring to payment of capital amount without interest and this Agreement will have legal force. The entire debt will be calculated and converted into Euro currency.

In addition, stimulation severance pays were envisaged in the amount of Euro 300 per year of service. This shall be paid in two portions: Euro 100 per year of service by May 20 and the balance of Euro 200 will be paid out 30 days as from the date of signing of the Agreement at the latest. Also, all employees shall have linked years of service. The Protocol also contains the costs of re-training and employee training, which employees are going to work on FIAT’s program. Besides this, employees will be paid out a dividend amounting to 30% of the amount received by Republic of Serbia as the co-owner. Minister Mladjan Dinkic signed the Protocol as the representative of Serbian Government, representative of “Nezavisnost’’ Trade Union, Nenad Matic, as well as Presidents of the Confederation of Autonomous Trade Unions of Serbia of “Zastava Automobili’’, “Zastava Kamioni’’ and “Zastava specijalni automobile.”

 
     
 
 
 
 
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