Prysmian, €800 Net Per Employee Thanks to the New Income Support Welfare Plan in Italy

Source: 12/12/2022, Location: Europe

More than 26,000 employees worldwide, especially blue-collar workers not eligible for management bonuses, will also receive shares in the form of variable remuneration

Prysmian Group, world leader in cable systems for energy and telecommunications, at a time of economic uncertainty and a rising cost of living, has decided to introduce tangible measures to support its employees in Italy, through a welfare plan that provides a contribution of up to €800 net per employee, and which follows the initiatives already launched during the pandemic.

In the coming days, the company will start distributing supplementary shopping vouchers to employees, the value of which will be regulated according to income and family composition with the aim of easing the strong inflationary increases of recent months. In May 2022, the company had already introduced an extensive nationwide petrol voucher scheme - an initiative accepted by 90 per cent of the approximately 2,300 employees in Italy. Previously, in May 2020, with a focus on sustainability, Prysmian had offered a contribution for the purchase of an E-bike to all employees who were preparing to return to the office after the lock-down, with more than 400 employees at the Milan headquarters signing up.

"We are living an extraordinary moment, immediately following a time in our lives that was no less challenging because of the pandemic. It is precisely at such times that we need to make an extra effort to make stronger and more concrete the feeling of being part of a big family," explains Valerio Battista, Group CEO of Prysmian. "2022 will be remarkable for the Group's record results, and in this way, we aim to share with the entire organisation the great value generated."

Alongside specific initiatives for each country in which it operates, the company has in fact also launched, globally, the innovative share incentive plan, called BE IN, potentially benefiting more than 26,000 employees, blue- and white-collar workers. The aim is to share the value created with all people working in the Group, not just a few. The plan, which will run over the three-year period 2022-2023-2024, has already been shared with local trade union representatives in many of the countries where Prysmian Group operates, such as Italy, France, Germany, Estonia, Romania, Scandinavia, New Zealand, Thailand, Poland, etc.

BE IN complements the YES Plan launched in 2013, which already allows Prysmian employees to buy shares in the Company on favorable terms. Currently, Prysmian employees, including top management, hold about 3% of the company's capital, a significant percentage in a public company with no majority shareholders able to exercise control.

Lastly, in partnership with Feltrinelli Education, the company has launched a series of weekly events dedicated to culture, in which authors, authors and experts entertain employees in short seminars on topics that cross both private and professional life. Emotions, experiences and stories for adults and children are part of this lecture series, which will run throughout 2023, including the donation of books on the individual topics addressed. "Investing in the culture of one's employees is an unmistakable sign of closeness to people and interest in their growth, first and foremost as individuals. I am certain that this cannot escape anyone,' comments Fabrizio Rutschmann, Group CHRO.

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