Covid-19, Employment, Estonia, Financial Services, Legislation, Markets and Companies

International Internet Magazine. Baltic States news & analytics Saturday, 16.01.2021, 13:46

667 employees of Ekspress Grupp to receive salary compensation in amount of EUR 800,000

BC, Tallinn, 12.05.2020.Print version
As of Sunday, May 10th 2020, altogether 667 employees of companies of the listed Estonian media group Ekspress Grupp have been approved to receive salary compensation in the total extent of 791,148 euros, informs LETA/BNS.

To qualify for the salary compensation measure, an employer must meet two out of three conditions. The company's turnover or revenue must have decreased at least 30 percent compared with the same period last year, the company is in a situation where it does not have work to give in the agreed amount to at least 30 percent of employees, and the wages of the workers have been lowered at least 30 percent or to the minimum wage.

Ekspress Grupp management board chair Mari-Liis Ruutsalu told BNS that it is difficult to say the size of the average salary reduction of all companies in the group, as the management board of each company makes the respective decisions itself and the figures may differ from company to company within the group.

Ekspress Grupp notified the stock exchange of a temporary salary cut in the parent company and subsidiaries on March 18, but did not specify the amount of the salary reduction at that time. Ruutsalu now said that the salaries of the management board in the parent company have fallen by 25%.

At AS Ekspress Meedia, salary compensation has been approved for 313 people, with a total cost of 380,189 euros, it appears from documents of the Unemployment Insurance Fund.

Ekspress Meedia management board chair Argo Virkebau did not wish to disclose to BNS exactly how much the company had cut salaries during the crisis. However, he noted that the remuneration of the management board was reduced more and that of the employees less. According to Virkebau, no people have been laid off at Ekspress Meedia.

At AS Ohtuleht Kirjastus, owned by Ekspress Grupp in the extent of 50%, compensation has been approved for 189 employees in the total sum of 220,779 euros.

AS Ohtuleht Kirjastus initially announced temporary cuts of 19% in the pay of all employees and of 23% in the remuneration of board members on March 18.

The number of employees of AS Printall approved to receive compensation is 153 and the total cost of the compensation 174,353 euros. Five employees of OU Hea Lugu have been approved to receive compensation in the total sum of 6,462 euros and seven employees of OU Linna Ekraanid in the total amount of 9,365 euros.

Overall, as of Sunday, decisions concerning the payment of compensation have been made regarding 104,931 employees of 12,978 establishments. The total cost of wage compensation at present is 114.2 million euros.

The Unemployment Insurance Fund will compensate to the employee 70 percent of their previous average wage, but no more than 1,000 euros a month gross, and no less than the minimum wage. 

The employer is obliged to pay the employees receiving the compensation a gross pay of at least 150 euros a month, which must be paid out before the application is filed.

Search site