Банкеръ Weekly

Briefs

INSURANCE BONUS FOR THE PETRO-CHEMICAL WORKERS

Lukoil Neftochim managers signed a contract for additional pension insurance of their employees with Lukoil Garant Bulgaria - a pension insurance company. According to the agreement signed on April 3, 2001, the refinery owners undertake to make for their account a BGL10 per month provisions for all their employees. They have also made the committment to increase the monthly amount of the provisions proportionally, but not more than BGL30 per month.
The information was submitted by representatives of Lukoil Neftochim management. The amount of BGL30, by which the refinery owners would insure their employees, equals the expenses which according to current regulations are not taxable. Naturally, this condition is valid only for Lukoil Garant Bulgaria. Should the employees wish to make provisions with other pension insurance company, the additional provisions of BGL20 payable by their employers, will be cancelled. This condition seems logical, having in mind that Lukoil Neftochim owns 50% of Lukoil Garant Bulgaria shares. The remaining 50% are owned by the refinery owners.
Lukoil Garant Bulgaria was established in August, 2000.
It has registered three pension insurance funds - voluntary, professional and universal. According to the insurance company managers, the number of clients who have chosen their voluntary fund, has already exceeded the requested 10,000 people. Professional fund's results are also satisfactory. (There were some publications that Lukoil Neftochim owners were pushing their employees to Lukoil Garant Bulgaria). As for the universal fund, it is listing clients now. Along with that the pension insurance company is selecting insurance intermidiaries as well.

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