Social protection is known to be a major problem of modern Russia. In 2000, TNK implemented a comprehensive social program, under which it contracted out retirement benefits for its employees. To this end, it created a retirement fund called TNK-Vladimir. Professional retirement benefits are standard for all of the enterprise’s employees. Corporate retirement benefits are comprised of the employer’s allocations and its employees’ voluntary contributions.
The government regulates the investment policy of such pension funds. While those funds can only be invested in bank instruments, companies are free to choose their management companies. Reserves accumulated in a pension fund are then typically transferred to the management company at a guaranteed rate of return (unlike the state-run pension plan).
TNK-BP’s pension plan is based on the main provisions of the National Pension Reform that envisages, in particular, the promotion of long-term pension savings. This pension system will be adopted as a corporate standard in all of TNK-BP’s businesses.
The TNK-Vladimir pension plan meets the international social responsibility standard, SA 8000.
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