OREANDA-NEWS. March 19, 2008.15 employees of Vyksa Steel Works (VSW, Nizhni Novgorod Region, part of United Metallurgical Company (OMK)) were presented with inscription certificates of the Gefest Nonstate Pension Fund. When they reach the retirement age these employees will be receiving from Gefest a nonstate monthly pension of 5,000 rubles for a period of 10 years.

The decision concerning the 15 Inscription Pension Certificates action was made by OMK Chairman of the Board of Directors Anatoly Sedykh and OMK President Vladimir Markin to reward the best employees and was timed for the 250th anniversary of VSW and the 15th anniversary of OMK.  The selection criteria included both attainment by three participants of the retirement age and, above all, the contribution made by the participants during their employment. This action is one of the arrangements within OMK's corporative non-state pension fund scheme (NSPFS).

Since 2007, VSW and Gefest have been involved in implementing NSPFS for VSW’s retiring staff. A definite amount of money is calculated for each employee, depending on his or her length of service and work status at the plant. A source of pension payments is a pension contribution income derived by VSW under an NSPFS agreement with Gefest. There is also NSPFS for the key employees, operating on co-financing terms (from their pay the key employees make pension contributions to Gefest, the same amount paid by the plant). A non-state pension fund scheme is being currently designed for VSW subsidiaries’ stuff. 

NSPFS for VSW’s employees is aimed at higher pension payments on retirement, increased work motivation and more favorable moral and psychological climate.