ArcelorMittal Temirtau thinks that it’s too much to reduce wage with the devaluating tenge
Edited by Rhod Mackenzie / 2015-08-21 07:04:07
The largest mining and metallurgical complex in Kazakhstan ArcelorMittal has postponed decision on reduction of wages by 25%. This was reported by the press centre of the company on Friday, which added that negotiations with trade unions were ongoing.
The reason was the introduction of a floating exchange rate of Kazakhstan tenge resulting in the fall of the country’s national currency by almost 30% for a day. The Kazakh authorities have announced a new monetary policy on August 20, explained that the introduction of the floating exchange rate would allow to fill the budget losses.
