OREANDA-NEWS. September 09, 2011. OJSC MMC Norilsk Nickel (hereinafter – MMC Norilsk Nickel, the Group or the Company) announces initiation of corporate preferential financing program for the employees of the Group’s companies located in Norilsk and Taimyr (Dolgano-Nenetsk) Municipal District (TMD), reported the press-centre of Norilsk Nickel.

The goal of preferential financing program is to provide for the necessary conditions to ensure availability of qualified workforce for the Group’s companies located in Norilsk and TMD by providing additional incentive for the employees to improve their work productivity and contribute towards implementation of the Company’s strategic goals and objectives.

Corporate preferential financing program will facilitate retention of skilled employees at the Group’s companies located in Norilsk and TMD. 

Participation in the corporate preferential financing program will be available to skilled and rare specialization employees.     

Eligibility of employees for participation in the corporate preferential financing program will be determined in accordance with the following criteria: duration of employment at the Group’s companies, high productivity, yearning for professional growth, development of new professional skills in related areas and absence of disciplinary violations record.
 
Loans to the employees participating in the program will be provided by the Company’s partner banks.

The interest rate will be 7.5% per annum for loans denominated in Russian Rubles and 9% per annum for loans denominated in US Dollars.

Two types of loans will be made available to the participants of corporate preferential financing program: consumer credit and mortgage for the acquisition of real estate property only in Norilsk or TMD.
 
Consumer credit period will range from 6 months to 3 years; mortgage period will range from 3 to 7 years.

The minimum loan amount will be USD 1,000 or its equivalent in Russian Rubles. The maximum loan amount depends on the size of participant employee’s maximum monthly payment and loan period. The loan amount shall correspond to the full cost of the durable items or real estate property being purchased.