Finance
JSW employees back agreement on benefits suspension in staff vote
Published by Global Banking & Finance Review®
Posted on February 13, 2026
2 min readLast updated: February 13, 2026
Quick Summary
JSW employees voted to suspend benefits as part of a restructuring plan to secure financing. This decision is crucial for the company's future and job protection.
JSW Employees Approve Suspension of Benefits Amid Restructuring Plan
JSW's Restructuring and Employee Vote
WARSAW, Feb 13 (Reuters) - Employees of Polish state-controlled coal miner JSW backed an agreement between trade unions and the company to suspend some worker benefits as part of a restructuring plan, JSW said on Friday.
Details of the Agreement
The agreement, which would suspend the payment of some annual bonuses for 2025 and 2026, is part of JSW's efforts to obtain up to 2.9 billion zlotys ($815.75 million) in financing by the end of March, needed to keep the struggling miner afloat.
Company's Financial Challenges
JSW said in a statement that in a referendum, more than 97% of employees voted for the deal. It called the decision "fundamental" for its future and the protection of jobs.
Impact on Jobs and Future Plans
The company's management has also requested a pay cut, while the state assets ministry will seek a shareholder vote to reduce the pay of the supervisory board.
The European Union's largest producer of coking coal has been under pressure amid weak demand, competition from cheaper imports and high operational costs.
The state-controlled company has already slashed investments and spent almost its entire rainy day fund, which has shrunk from nearly 5 billion zlotys at the end of 2022 to around 100 million zlotys in October. It booked a loss of 2.9 billion zlotys in the first three quarters of last year.
JSW's broader cost-cutting plan aims to sell non-core assets and merge mines to improve efficiency.
Negotiations over the agreement lasted for months, complicated by a fragmented structure of employee representation, which counts some 80 trade unions.
($1 = 3.5550 zlotys)
(Reporting by Marek Strzelecki and Alicja Surdy, editing by Milla Nissi-Prussak)
Key Takeaways
- •JSW employees voted to suspend some benefits.
- •The suspension is part of a restructuring plan.
- •JSW aims to secure 2.9 billion zlotys in financing.
- •The company faces financial challenges and losses.
- •Negotiations involved around 80 trade unions.
Frequently Asked Questions about JSW employees back agreement on benefits suspension in staff vote
1What is a restructuring plan?
A restructuring plan is a strategy implemented by a company to improve its financial stability, often involving changes in operations, management, or employee benefits to reduce costs and enhance efficiency.
2What is a pay cut?
A pay cut is a reduction in an employee's salary or wages, often implemented by companies to manage financial difficulties or reduce operational costs.
3What is a loss in financial terms?
A loss in financial terms refers to a situation where a company's expenses exceed its revenues, resulting in negative financial performance over a specific period.
