The Ukrzaliznytsia public joint-stock railway company (PJSC Ukrzaliznytsia) plans to invest about UAH 20 billion in upgrade of rail tracks, railcars, and locomotives in 2016. Minister of Infrastructure Andrii Pyvovarskyi announced this during a ceremony commemorating the Railway Workers Day, the press service of Ukrzaliznytsia said.

According to the minister, the reform of the railway industry that is currently being implemented will make Ukrzaliznytsia a key player in the Ukrainian economy.

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"It will be able to earn money, perform quality work, and efficiently fulfill state orders. We are already working on Ukrzaliznytsia’s financial plan for 2016, which provides for investment of about UAH 20 billion in upgrade of rail tracks, railcars, and locomotives," Pyvovarskyi said.

As reported earlier, the Ministry of Infrastructure expects Ukrzaliznytsia’s financial plan for the next year to be approved before the end of this year. The newly established PJSC Ukrzaliznytsia is expected to begin economic activities on 1 December 2015.

According to Ukrzaliznytsia, the railway industry employs 303,100 people or about 2% of Ukraine’s working population, including 288,800 on railways and 12,800 in subordinate enterprises. About 1,500 work in the administrating office of Ukrzaliznytsia. Almost 40% of its employees are women (109,000), who are mostly accountants, economists, ticket clerks, telephone operators, commercial agents, and conductors. The average monthly salary of workers in the sector was UAH 4360 in the first nine months of 2015.