Ferrari gives employees record $5,600 bonus on strong year

Thu, 10 Apr 2014

Ferrari has got to be a great place to work. In fact, it's named as one of the best places to work in Europe year after year. Add to that the pride of making some of the coolest cars in the business, running one of the winningest teams in all of motorsports (even if the Scuderia isn't doing so well thus far this season) and all around standing for the best Italy has to offer, and you've got the makings of a dream job. And it just got a bit sweeter.

That's because Ferrari has just awarded each and every one of its employees a bonus of 4,096 euros – the most the company has ever paid. That's equivalent to over $5,600 at today's exchange rates, and represents a whopping 20 percent of the annual salary for a recently hired young employee. Following two advances of 1,000 euros each, that means employees will find an extra 2,096 euros in their pay checks this month, which may not be enough to buy a new California T or 458 Speciale, but should finance a nice shopping spree of t-shirts and paperweights at the Ferrari Store or a family vacation to Ferrari World in Abu Dhabi.

The bonuses are part of a deal signed with the union in 2012, but are enabled by record profits reported by the company over the last couple of years. After 2012 emerged as Ferrari's most profitable fiscal year, it moved to reduce production, thereby increasing the value of each new car it sells to drive profits up even higher. Nice work, in short, if you can get it.

Record bonus awarded to Ferrari employees

Maranello, 8 April 2014 – Ferrari has announced that its production bonus for employees for 2013 will amount to 4,096 euro, the highest ever awarded in the company's history.

The production bonus is in recognition of the excellent financial results achieved last year, not least of which were record profits, in addition to other parameters, such as levels of quality.

This means that, on top of the two advances of 1,000 euro each already received, Ferrari employees will find an extra 2,096 euro in their pay packets this month. For a young employee hired recently, this equates to an extra 20 per cent of his or her annual salary.

This bonus, the result of an agreement signed with the unions in 2012, is linked to a grid of operational values with the objective of sharing the company's success.

Last year, as well as the production bonus, an additional three-yearly bonus was paid out and Chairman Luca di Montezemolo has announced its extension for a further three years.

In 2013 Ferrari adopted a strategy to reduce production to under 7000 cars a year to preserve their exclusivity and value over time, and this strategy will continue this year and into 2015. Last year revenues increased by 5 per cent and trading profits rose by 8.3 per cent. These are unprecedented figures, as is the net financial position which, at the end of 2013, stood at an all-time high.

By Noah Joseph