20 February, 2014 - Vallourec has signed on 7 February, 2014, a "Generational Contract" with two French confederations of trade unions (CFDT and CFE CGC), which will remain in vigor until June 2016. The contract, which is applicable to all French entities of the Group, foresees to increase the employment rate of young professionals and seniors and to introduce accompanying measures aiming at improving training and working conditions.
The first priority is to increase the employment rate of young people in Vallourec's French entities. Within the period of application of the contract, one quarter of newly recruited employees in France will be under 26. This measure will be accompanied by a continued commitment to the training on the job formula ("alternance" in French), where students study part time at university while working as regular employees for Vallourec, and a commitment that "alternants" still represent 5% of workforce in 2015.
The second priority is to increase the employment rate of seniors older than 45 years, with the commitment that they represent 25 % of new recruits over the period of application of the contract. Special attention will also be paid on their working conditions and retirement measures, depending on exposure.
The deployment of the generational contract will be subject to yearly evaluation based on key indicators in order to ensure its efficiency.