Following the close of each financial year, employees will receive a bonus equivalent to 5 of their base salary.
In the event of over performance, the bonus could reach a maximum.2.
What we are proposing today is a scheme which recognizes the central role that our workers play in the achievement of our 2015-18 strategic plan.
Todays announcement represents a further step forward in the modernization of industrial relations in Italy, a process initiated with the establishment of the new FCA collective labor agreement in 2011.This new scheme adds two additional elements to base pay.In casino economy meaning consideration of the length of the plan period, employees will be given a portion of the bonus (6 of base pay) on a quarterly basis beginning in 2015.For the four-year period, employees will receive a total perfect blackjack player bonus equivalent to 12 of base pay.With the introduction of these precise performance criteria, employees will be able to see the results of their efforts more concretely.At the beginning of 2019, once results have been certified, employees will receive the balance which, assuming plan targets are fully met, could reach 14 of base pay.The maximum cost to FCA over the four-year period will be just over 600 million.If performance exceeds targets, those amounts would be 1,900 a year for and 5,000 in 2018.As such, they should receive substantial economic benefits from the achievement of these objectives.
Significant progress in implementation of the strategic plan has enabled definition of a new compensation scheme to the direct benefit of FCA employees.
By incentivizing employees toward achievement of our strategic targets, the new compensation system represents a significant step forward, said CEO, Sergio Marchionne.
For employees in the middle category, for example a skilled hourly employee, if performance is in line with targets, the bonus received would be 1,400 a year for and 2,800 in 2018.
Those days are finally gone.
This scheme will apply for all employees in the automobiles business.If the final plan targets are met, and I am sure they will, all of our employees in Italy will receive significant economic benefits tied directly to their efforts and commitment.The first is an annual bonus calculated on the basis of production efficiencies achieved at the employees plant together with a coefficient reflecting the plants World Class Manufacturing level.It is intended that a similar arrangement will be adopted for the components business.Without them and their commitment, the plan is simply unachievable.Improvements in operating efficiency (WCM) and achievement of the financial targets, which reflect our global ambitions as a car maker, depend on the full commitment of our workforce.If all targets are not reached, a minimum bonus of 330 a year would be paid.In the event of over performance, that bonus could reach.The second variable component is linked to achievement of the financial targets established in the 2015-18 business plan for the emea region, including the activities of the premium brands Alfa Romeo and Maserati.
News, press Releases 2015, april, fCA employees in Italy to participate in operating results.
Therefore, for the entire four-year period, employees would receive an aggregate of more than 7,000 if targets are reached or 10,700 if targets are exceeded.
During a meeting with trade unions today, Fiat Chrysler Automobiles CEO, Sergio Marchionne, and COO for the emea region, Alfredo Altavilla, presented FCAs new compensation arrangement for Italy, which directly incentivizes all employees toward achievement of the productivity, quality and profitability targets established in the.