(UPM, Helsinki, 28 February 2018 at 10:05 EET) - UPM paid a total of EUR 65 million as short-term incentives to employees in 2017. The incentives were paid for the good 2016 results. The figures are outlined in UPM's Annual Report that was published today. Over the last four years, the sum has been EUR 58 million per year on average.
UPM's incentive schemes brought on average an additional 7.2% of annual income globally to personnel in the 46 countries of operations. At the end of 2017, UPM had 19,111 employees. The incentives are determined by the financial indicators, of which EBITDA is the most important and at least one-third of the incentive is determined by the achievement of personal and/or team performance targets.
"The group-wide incentive scheme ensures that the employees receive their share of good results. The bonus system is voluntary and part of goal-orientated leadership with the aim to encourage personnel. UPM's Board of Directors decides on the incentive scheme annually," says Riitta Savonlahti, Executive Vice President, Human Resources.
For more than 10 years, all UPM employees in all professional groups and all organisations have belonged to a unified annual Short Term Incentive (STI) scheme, which is evaluated annually.
For further information please contact:
Riitta Savonlahti, Executive Vice President, Human resources, UPM, tel. +358 40 588 3284
UPM, Media Relations
Mon-Fri 9.00-16.00 EET
tel. +358 40 588 3284
UPM leads the forest-based bioindustry into a sustainable, innovation-driven and exciting future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. UPM provides sustainable and safe solutions to the growing global consumer demand. Products are made of renewable and recyclable materials. The group employs around 19,100 people worldwide and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company - www.upm.com