Note 13 – Salaries and social security payables
Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.
As of December 31, 2017, the total number of employees was 15,396, of which approximately 82% were unionized. All Management and senior positions are held by non-unionized employees.
In the field of compensation policy for Directors and Managers, the Company and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensation is dependent upon the level of responsibility required for the position and its market competitiveness, variable compensation is comprised of compensation driven by the goals established on an annual basis and also by compensation regarding the fulfillment of long and medium term goals.
The Company and its subsidiaries have no stock option plans for their employees.
Salaries and social security payables consist of the following:
|
|
As of December 31, |
|
|
Current |
2017 |
2016 |
|
Vacation and bonuses |
1,433 | 1,102 |
|
Social security payables |
499 | 383 |
|
Termination benefits |
119 | 125 |
|
|
|
|
|
|
2,051 | 1,610 |
|
|
|
|
|
Non-current |
|
|
|
Termination benefits |
160 | 144 |
|
Bonuses |
99 | 40 |
|
|
|
|
|
|
259 | 184 |
|
|
|
|
|
Total salaries and social security payables |
2,310 | 1,794 |
|
|
|
|
Compensation for the Key Managers for the years ended December 31, 2017, 2016 and 2015 is shown in Note 27.e).
Employee benefit expenses and severance payments are composed of:
|
|
Years ended December 31, |
||
|
|
2017 |
2016 |
2015 |
|
Salaries |
(8,741) | (6,954) | (5,166) |
|
Social security expenses |
(2,846) | (2,147) | (1,642) |
|
Severance indemnities and termination benefits |
(944) | (521) | (319) |
|
Other employee benefits |
(187) | (178) | (126) |
|
|
|
|
|
|
|
(12,718) | (9,800) | (7,253) |
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|
|
|
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