Valamar Riviera guarantees all employees a net income of at least HRK 5

first_imgValamar Riviera, the largest employer in Croatian tourism, has decided to increase salaries and guarantee a minimum net income of 5 to 7 and a half thousand kunas.The decision to increase the minimum wage from HRK 4.000 to HRK 5.000 for all employees, the so-called “Valamar guarantee”, the Valamar Management Board adopted today with the Trade Union of Tourism and Services of Croatia (STUH) and the Trade Union of Istria, Kvarner and Dalmatia (SIKD), which comes into force on April 1 this year.In agreement with the social partners, Valamar will fully invest the tax relief for seasonal work in increasing the net income of employees. Thus, from April 2018, all full-time employees will have a guaranteed income of at least HRK 5.000 to HRK 7.500 per month. “We are in the process of hiring seasonal workers for this year and we are satisfied with the fact that a large number of employees are returning to us and that the interest in working at Valamar is growing from year to year. In the last two years alone, we have invested more than HRK 60 million in hotels for employees. We have completely focused the tax relief for accommodation and hot meals on increasing the salaries of all employees, and we have provided additional funds to achieve a minimum income of HRK 5.000 net. At Valamar, employees are just as important as guests, and we continue to invest in material rights, working conditions, but also the education necessary for the development of their careers.”, Points out Ivana Budin Arhanić, Vice President for Business Development and Corporate Affairs.Valamar House – the fourth hotel for employees opens In addition to the increase in net income, seasonal workers who come to work in Valamar’s destinations from all over Croatia are provided with quality accommodation with three hot meals a day at the employer’s expense, and this season Valamar is opening a fourth hotel for employees called “Valamar House”.In Rabac, on the island of Krk and in Poreč, seasonal workers will be accommodated in hotels for employees “Kuća Valamar” where they will find newly decorated rooms and apartments with private bathrooms, common rooms for rest and socializing, as well as many other benefits. “Valamar seasonal workers have at their disposal continuous education and training, the opportunity for awards within 18 reward programs and opportunities for advancement and career development in all segments of the tourism business. In 2018, Valamar has secured 1.200 contracts for permanent seasonal workers and 400 new contracts for permanent employment. relationship”They point out from Valamar.By the way, Valamar is the largest employer in Croatian tourism, which this year will employ 6.600 employees and create 600 new jobs in 30 hotels and 15 camps from Istria and Kvarner to Dubrovnik, and all those interested in the job can apply here.last_img read more

Equity performance squeezes Spanish pension fund returns in Q1

first_imgAt the end of March, total assets under management for Spain’s occupational pension funds stood at €35.3bn, a 1% reduction over the year.Figures from Mercer’s Pension Investment Performance Service (PIPS) backed up INVERCO’s findings, showing that Spanish pension funds lost 1.4% over the first three months of 2018. The PIPS survey covered a large sample of pension funds, most of them occupational schemes.According to the survey, equities as a whole incurred losses, with euro-zone equities down 2.9% and non-euro-zone holdings losing 3.3%.Non-euro-zone fixed income lost 3%, but euro-denominated debt delivered a 0.3% gain over the quarter. Non-eurozone assets as a whole were hit by the strengthening euro, Mercer said.The survey also showed that alternatives made a median loss of 0.4% while real estate was down by 0.1% over the quarter.In terms of asset allocation, domestic assets continued their gradual decline to 53.2% of portfolios at the end of March, according to INVERCO. Non-domestic assets continued to rise, from 29.6% at end-December 2017 to 31.3% three months later.Over the same period, average allocations to fixed income decreased slightly to 47%, while equities weightings rose to 34.6% on average.Spanish government bonds still made up the biggest single component of pension portfolios at 23.9%, with a further 13.8% in domestic corporate bonds.Xavier Bellavista, principal at Mercer, said: “The equity allocation is generally similar to what it was at end-2017, but it is remarkable that it has reached its highest since the period before the financial crisis in 2008.”According to Bellavista, Spanish pension funds maintain a percentage allocation in equity assets similar to those of pension funds in other European countries, but weightings are significantly different for bonds and alternatives.He said that within the fixed income allocation there had been a shift from domestic towards non-domestic assets.Bellavista added that Spanish funds were “still at the discussion stage” when it came to allocating more to alternatives. Poor first-quarter equity performance in 2018 has squeezed average returns from Spain’s occupational pension funds to 0.5% for the 12 months to end-March 2018, according to the country’s Investment and Pension Fund Association (INVERCO).This compared with a 3.2% return for the calendar year 2017, and a 5.6% return for the 12 months to end-March 2017.INVERCO said that equity markets had experienced pronounced corrections in the first three months of this year, prompting losses on pension fund portfolios with bigger equity exposures.This caused the average annualised returns for Spanish occupational funds to drop to 0.8% for the three years to 31 March 2018, and 4% over five years.last_img read more