“ITERUM” receives the SRS award as the largest labour taxpayer in the Zemgale region in the group of medium-sized companies

On September 13 of this year, the polymer processing company “ITERUM” of JSC “Eco Baltia”, the largest environmental resource management and waste processing company group in the Baltics, received an award from the State Revenue Service (SRS) as the largest labour taxpayer in the category of medium enterprises in the Zemgale region.

“We are honoured by the award given by the SRS. When creating our remuneration policy, we carefully monitor that it corresponds to the requirements of the labour market, the specifics of the position, the industry, as well as the individual performance of each employee. We believe that our employees are our company’s greatest asset, and their well-being is one of our highest priorities. This award not only directly reflects our commitment to create a stable and sustainable work environment, but also our deep conviction that every employee is an essential part of our common success story,” says Jūlija Zandersone, chairman of the board of “ITERUM”.

“ITERUM” allocates approximately 5 million euros annually to the salaries of its employees, of which 56% is made up of labour taxes, which are paid to the State Treasury. For additional salaries, the company also annually allocates funding to the employees’ “benefits package”, namely training, health and accident insurance, benefits for employees in important life events, additional holidays, contributions to the 3rd pension level, seminars, bonuses, team building activities and other internal events.

This year marks the 26th year that the SRS presents an award to companies that have made the largest investment in the social fund, while highlighting the prism of sustainability and responsibility of this practice and its importance in building the state’s well-being. This year, awards were presented to 21 companies in five regions of Latvia in the categories of large, medium, small and micro companies, as well as highlighting last year’s largest taxpayer in Latvia separately.

“Entrepreneurs are the lifeblood of our state budget, and their honestly paid labour taxes are one of the foundations of a sustainable Latvia. Each of the payments made by companies is an investment in the future of every resident of Latvia, in the creation of a pension fund. It is a special pleasure that the sector focused on the circular economy is also among the largest taxpayers, contributing not only to the welfare of society and economic growth, but also to taking care of the environment for future generations,” says Baiba Šmite-Roķe, Director General of SRS.

About the company “ITERUM” (formerly JSC “PET Baltija”): “ITERUM”, formerly known as “PET Baltija” JSC, is one of the largest processors of polyethylene terephthalate (PET) bottles in Northern Europe, operating in Latvia. Its market share in Europe is significant – 5%. The company closed the year 2023 with a turnover of EUR 43.8 million. Its processing portfolio consists of high-quality PET flakes and granules (including those suitable for food packaging), almost 100% of which are exported. “ITERUM” is owned by “Eco Baltia”, which is the largest environmental and waste management group in the Baltic States, providing full-cycle waste management solutions, from waste collection and sorting to recycling logistics, wholesale and recycling.