Petition for a 40% Increase in Meal Subsidy - Concentrix Portugal
Para: Concentrix Portugal
Dear Concentrix Portugal
I hope this message finds you well.
We would like to take this opportunity to congratulate everyone on the excellent financial results achieved in the second quarter of fiscal 2024. It is truly gratifying to see that our efforts and dedication have significantly contributed to the company's growth and success. The financial results, particularly the 47.4% increase in revenue compared to the previous year, are a clear testament to our collective commitment and exceptional skills.
However, we would like to address a matter of great importance to all of us, the employees. The current meal subsidy of €7.23 per day has proven to be insufficient in light of the constantly rising cost of living in Portugal, especially in the areas of food and housing. Inflation, combined with the rising prices of groceries and rent, has made it increasingly challenging to maintain an adequate and healthy standard of living.
A healthy diet is essential for maintaining productivity and employee well-being. Unfortunately, the current subsidy does not cover the costs of a balanced and nutritious meal, forcing many of us to supplement these expenses with our own salaries. This situation is further exacerbated by the high cost of housing, which consumes a significant portion of our monthly budget.
Considering the substantial profits the company has made, as detailed in the second-quarter report, we believe there is room to adjust the meal subsidy to more accurately reflect the current economic reality. The company generated adjusted free cash flow of $201.9 million and returned $60 million to shareholders through share repurchases and dividends. These impressive figures are evidence of our solid financial position and the potential to also invest in employee well-being.
Therefore, we hereby request a 40% increase in the current meal subsidy. This adjustment would not only demonstrate empathy and recognition for the continuous efforts of the employees but also significantly contribute to our quality of life and motivation.
We thank you in advance for your attention and understanding.
