JSW, the Polish coal company, faced a critical decision regarding its financial stability, reflected in a recent referendum where 97.24% of the participating employees voted in favor of an agreement to suspend certain employee benefits. The vote, which saw participation from over 16,000 out of more than 20,000 employees, was conducted between February 12 and 13. This overwhelming support for the suspension agreement is seen as essential in facilitating the company’s access to external funding necessary to avoid a hard restructuring, which could involve drastic cuts and job losses.

The agreement aims to ensure the company's financial footing amidst ongoing economic challenges. By suspending certain benefits, JSW hopes to enhance its liquidity and stability, aiming for nearly 3 billion zł in funding that would be critical for the company's operations. The lack of employee consent would likely lead to severe financial consequences for the company, including the potential for legal restructuring processes that would severely impact its workforce and operational capacity.

As part of the discussions surrounding this agreement, JSW also addressed executive compensation, ensuring that while employee benefits are being suspended, managerial decisions reflect a commitment to navigating these tough financial waters. This referendum underscores the pivotal role of employees in determining the future trajectory of JSW and highlights the delicate balance between necessary austerity measures and retaining workforce morale during uncertain times.