Armenia Post Clarifies Reports About Year-End Bonuses

Armenia Post CJSC has issued a statement regarding recent reports in the media suggesting that employees would receive "year-end bonuses". The statement reads: "We would like to inform you that the news about the year-end bonuses for Armenia Post employees is a result of misunderstanding.

We clarify that Armenia Post CJSC operates as a self-financing organization in accordance with international corporate standards. Armenia Post has both short-term monthly and long-term annual bonus systems. The personnel servicing customers (72%) receive bonuses on a monthly basis depending on their performance for that month. Meanwhile, the administrative staff (28%) who do not have direct contact with customers receive bonuses corresponding to their annual performance.

Performance, in accordance with corporate standards, is accepted by the supervisory board based on the goals set for the company. A fund is generated from the company's own resources, calculated within the annual budget of the organization, from which employees are awarded bonuses (Performance bonus) upon achieving the organization's objectives.

Based on corporate standards, the annual bonus is granted only after confirmation of the data by external (independent) auditors. Generally, in the corporate world, all organizations operating according to international standards distribute bonuses in the second quarter, only after calculating and summarizing the financial results of the reporting year."