OREANDA-NEWS. March 15, 2012. In order to create conditions for improving the current housing accommodation of its employees in the frame of the housing policy adopted by the company, NPO Saturn makes monetary funds available for paying off a certain portion of interest on mortgage loans issued by the VTB24 bank (closed joint-stock company) acting as a financial partner of NPO Saturn.

The NPO Saturn employees receive a compensation of the interest rate in the amount of 50% enabling them to pay off the mortgage loans they have made with the VTB24 bank (closed joint-stock company) for purchasing or building housing.

 ‘The implementation of this housing program project seeks to support the company’s employees, - emphasized Ilya Fedorov, chief executive officer of NPO Saturn, chairman of the Yaroslavl regional branch of the Union of machine builders of Russia. – The cornerstone of the NPO Saturn human resources policy is the comprehensive motivation of the employees’ high level of professionalism, their attitude towards their work and their loyalty to the company’s best interests’.

Any NPO Saturn employee wishing to improve his or her living conditions is encouraged to make a mortgage loan with the VTB24 bank (closed joint-stock company) for buying or building a house at a preferred annual interest rate being only 11% with an option for bringing it further down depending on a number of conditions including the employee’s track record, age, marital status, wage rate, credit history and so on. Pursuant to the credit pay-back term not exceeding 15 years, half of the mortgage loan’s interest rate will be paid by the company.

‘At this moment we see a definitive tendency for growth in wages of the shop-floor workers in some of NPO Saturn workshops and facilities – commented the situation Leonid Ivanov, director of human resources, - and we are therefore interested to have the shop-floor personnel, namely ordinary workers, to be the first to benefit from this program. Today in view of the need to ramp up production of a number of aviation engines, industrial turbines and special-application products, we need to employ real professionals and Saturn places key emphasis in this program exactly on shop-floor workers”.

When an NPO Saturn employee wishes to take a mortgage loan, the first installment varies from 5 to 10%. Besides, when filing all the necessary documents for a mortgage loan with the VTB24 bank (closed joint-stock company), an NPO Saturn employee is exempt from paying any paperwork commission fees.

Research and production association Saturn OJSC – an engine-building company specialized in design, manufacture and aftermarket support of gas-turbine engines for military and civil aviation, power-generation and gas-pumping installations, the Navy boats and commercial ships. NPO Saturn OJSC is part of United engine corporation – a 100% subsidiary of the united industrial company OBORONPROM OJSC with the objective of engine-building asset management.

United industrial company OBORONPROM OJSC – a multi-field machine-building group of companies founded in 2002. It is part of GK Russian technologies. Its main fields of business: helicopter building (Helicopters of Russia OJSC), engine building (MC ODK) and other assets.