The Group’s compensation and benefits packages are aligned with international best practices with the goal of fair and attractive economic rewards for all employees.
Fiat Group offers a broad range of benefits depending on an individual’s grade level, country of employment and local policies. In October 2013, Fiat Group conducted its annual analysis of various company compensation and
benefits (on a sample of about 86% of the workforce). The findings are provided in the following table.
Those findings show that more than 63% of employees are eligible for a pension plan and, during 2013 around 71% of these joined this type of plan. This figure represents 45% of the total population mapped.
Supplementary pension plans provided by the Group fall into two categories:
- defined contribution pension plans, for which contributions (by employees, the company or both) are defined at the outset, and benefits depend on the total sums allocated to the fund supporting the plan and the financial returns of the fund itself
- defined benefit pension plans, in which the future benefits paid out to employees are defined at the outset, and contributions may vary over time to guarantee payment of the pre-defined benefits.
Most existing pension plans at Group companies are defined contribution plans.
Company-provided health plans are also available for Fiat Group employees, and about 81% of the surveyed population was found to have joined such a plan. Child care and elderly care services are also in place at some locations to help employees achieve work-life effectiveness by responding to their needs. The Group also promotes a healthy lifestyle through comprehensive wellness programs and facilitates access to dedicated sports facilities.
Principal employee benefits
Fiat Group worldwide
|Financial benefits||% of employees entitled to ben efit|
|Company-provided health plans||79.9|
|Financial support for disability/invalidity||53.7|
|Employee cafeteria or lunch vouchers||64.0|
|Child care services(1)||37.6|
|Wellness and nutrition programs(2)||62.0|
(1) Includes kindergarten, free gymnasium access for children, assistance with homework, summer camps/holidays, other services dedicated to child care.
(2) Includes nutrition coaching, smoking cessation training, medical check-ups, medical screening, other wellness programs.
(3) Includes benefits such as company cars, housing, interest free loans.
(4) Includes free gymnasium access, gym/fitness courses and other sports initiatives.