UrBC, Magnitogorsk, Chelyabinsk Region, April 27, 2017. Magnitogorsk Iron & Steel Works (MMK) will now offer larger subsidies to workers needing a down payment for their home; the figure will now come to 250,000 RUR, the company reports.

The subsidies get provided to Help for MMK Young Families Program participants and come in combination with projects aimed at developing the young workers’ creativity and professional skills. The program was introduced in 2007 and means that several young workers with families who get selected in the course of professional skills contests and science conferences get a subsidy to partially cover the cost of the apartment at MMK Klyuch Housing Investment Fund. They will also be able to enjoy the preferential and affordable repayment terms. The subsidy used to come to 120,000 RUR until recently; now the figure is 250,000 RUR. The company management says this is a good way to encourage employees to keep working on their skills and keep up with creative attempts and scientific research.

Workers on the program who get subsidies use them to provide the down payment for the apartments MMK puts up as part of the company’s Affordable Housing Program. Some 350,000 m2 worth of housing got put up in Magnitogorsk since the program was launched. MMK Group’s workers find the offer quite appealing, as they can pay the entire amount out in various installments and mortgage schemes. Thousands of MMK employees have been able to benefit from this program already.