Ferrari supplements the 2020 Competitiveness Award. Investment, services and training for a developing community.

Publication date: 
07 Feb 2021

Maranello (Italy), 7 February 2021 - Ferrari N.V. (NYSE/MTA: RACE) ("Ferrari" or the "Company") continues to invest in and strengthen its corporate welfare system, recognising and valuing the contribution of its people even during a year made complex due to the Covid-19 pandemic.

Supplement to the 2020 Competitiveness Award           

Ferrari shared with the same Italian trade unions that signed the agreement for the Competitiveness Award (based on the Company’s performance indicators) a further supplement for 2020 of an additional gross value of Euro 2,100 expected to be paid in April, which brings the total gross value of the award to Euro 7,526.14 per employee.

This adds to the important measure already agreed that considered as manufacturing activity actually carried out all of the working days of the suspension period from 14 March to 4 May, 2020. During these seven weeks employees unable to adopt remote working received regular wages, without any recourse to social safety nets with paid leave sustained by the Company. In the same way, other absences, supported with specific certifications and due to the extraordinary event of the pandemic, will not be calculated in the Award.  As a result of all these measures, the great majority of employees will receive a bonus increase of 7%.

Growth in employee numbers

On a global level the Group total workforce increased In 2020 by 6.3% to over 4,500 employees continuing the growth of previous years. As for 2021, 50 new assembly line workers on the V8 Bodywork department of Maranello are foreseen between April and May.

Back on Track

The "Back on Track" programme was introduced last April, as an answer to the pandemic, to make the workplace safer and to support the pyschophysical well-being of employees. Ferrari was one of the first companies to offer its people and their families voluntary serological tests (more than 25,000 tests provided) and the first in the Emilia-Romagna region to introduce rapid swab tests last November (almost 15,000 tests carried out). The Company has also made its infrastructure available to local health authorities to carry out screenings and, as soon as possible, vaccinations against coronavirus for the general public.

Training

For Ferrari, attention to people means also taking care of the growth of their skills. During 2020, in compliance with anti-contagion regulations, Ferrari delivered more than 63,000 hours of training to employees, mostly remote:  an increase of approximately 11% from 57,000 hours in 2019.

Services for employees and their families

Despite the difficulties caused by Covid-19, last year Ferrari organised yet again a summer centre for over 330 children of employees, an appreciated occasion to meet and socialise before going back to school. Ferrari also reimbursed the cost of school books for the children of approximately 700 employees and provided 57 scholarships for the most deserving students. In 2020, the Formula Benessere project provided more than 1,100 specialist medical visits for workers at a time when many health facilities limited or suspended their activities. Thanks to the FB Junior Project, over 650 children of employees had a medical check-up that included over 10 specialist visits.

Finally, “Al Posto Tuo” (In Your Place) was introduced: a new service offered to all employees who are able to delegate household administrative paperwork such as payment of utility bills, postage needs etc to a dedicated service point, thus improving overall work-life balance. 

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