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■ COSCO's units at all levels establish different benefit systems considering the actual situations of the industry and the enterprises, in a bid to protect the fundamental interests of employees, to stably improve the treatment for employees, and to increase the recognition of employees for their enterprises and enhance the cohesion.
■ By strictly adhering to the requirements of state's relevant laws and regulations, COSCO establishes the social insurance system for employees, which covers pension, medical health, work-related injury, bearing, unemployment and housing funds. Conforming to the spirit required by the state's relevant documents, COSCO uniformly participates into the Beijing's social insurance system across all regions by taking COSCO as the unit in a move to protect the legal interests of employees. Currently, COSCO has 413 legal person units covered by insurance with the insurance rate reaching 100%. COSCO establishes the supplemented medical insurance and accident insurance due to public transportation according to the standards and the requirements of Beijing and actively propels the establishment of the enterprise annuity. Specific implementation proposals have been delivered to the superior authority for approval.
■ COSCO's pension work completely conforms to the national and local policies, establishing pension insurance on a basis of protecting the rights and the interests of employees. COSCO pays the premiums through enterprises and individuals, verifies and pays the pension to retired employees according to the national and local polices; distributes sufficient pensions timely to retired employees to protect the legal interests of the employees.
■ In 2006, COSCO's pensions amounted to RMB 619.4535 million, with the employer paying 20% of the total salary wile individuals paying 8% of the annual average salary. Currently, COSCO has 413 legal person units covered by insurance with the insurance ratio of 100%. The coverage ratio basic pension insurance reaches 100% within the year.
■ Up to the end of 2006, the whole group had 2,672 retired employees (see the below table), to them the company has offered corresponding treatment according to the state's relevant retirement policies. Meanwhile, considering the situation of China, although they have left COSCO, their experience and wisdom are COSCO's treasure because they had ever worked for COSCO for so long time that they are deeply concerned about COSCO. COSCO arranged special institutions, special staff and special |
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expanse to serve the retirees, provide them with guarantee in pension and medical treatment while enhance the cohesion of the enterprise. |
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As an investor in state-owned companies, SASAC decides its requirement for profits according to the annual performance evaluation results. In 2006, COSCO exceeded the targets decided by SASAC, becoming the A-Class enterprise of SASAC for three years in a row, and it ranked No.7 among 158 enterprises managed by SASAC by profits. |
| Currently, there are over 90 foreign-funded shipping companies in China, not mentioning numerous private and local shipping enterprises. Since 2005, the profits generated by COSCO exceeded RMB10 billion for three consecutive years. COSCO's profits during the 10th Five-Year Plan grew by 11 times, which fully proved COSCO's business philosophy of òmaximize returns for shareholders, provide best services for customersó. In this way, COSCO created a miracle of rapidly sharpening the comprehensive competitiveness of the shipping business, establishing the brand of China's national shipping industry across the world. |
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Currently, COSCO has 7 listed companies at home and abroad. About 50% of COSCO's development funds comes from the capital market while 40% from banking finance and 10% from the self accumulation, realizing the expected capital structure of "5:4:1"
In 2006, COSCO's listed companies improved related systems, corporate governance structure and mechanism to adapt to the requirements of the capital market. As the flagship listed company of COSCO, China COSCO not only successfully bought 51% stake in COSCO Logistics but also was highly recognized by the international capital market thanks to its outstanding corporate governance performance. Its share price and market value skyrocketed; COSCO Pacific not only made contributions to the overall benefits of China COSCO, but also won the Directors of the Year together with China COSCO. COSCO Investment ranked No.1 in the Strait Index Constituent Stock of Singapore Stock Exchange with an annual return up to 112.96%; COSCO International successfully bought the stake in COSCO Real Estate, indicating the important achievements in structural adjustment; COSCO Shipping was listed in Top 10 Most Competitive Listed Companies in China. |
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