MyWelfare, our Group’s welfare project, was set up in 2017. As a result, employees with an annual income not exceeding €80,000 gross, can convert amounts earned from productivity and profitability bonuses into welfare goods and services, thereby gaining major economic and fiscal benefits.
To date, around 30,000 employees have benefitted from this opportunity.
“Thanks to the Stability Law, we can offer real and substantial economic benefits to our staff,” comments Raffaella Poggi D’Angelo, Head of People Care, Diversity and Inclusion for Italy. “By means of an easy and accessible platform, a dedicated support service, a wide variety of goods and services, and training workshops and information corners situated around the country, we have put in place all the resources necessary to facilitate making the most of this opportunity.”
Starting from June every year, employees who decide to sign up to the MyWelfare program can convert their performance bonus into Welfare Credit, receiving a considerable increase in their purchasing power for reimbursements and acquisition of numerous goods and services such as study vacations, travel, sports, culture, education, health, transportation, family support services and many other leisure activities. Our employees benefit financially by having 15% less deducted from their paychecks and a further 20% added to their bonuses. Let’s take an example. An employee who receives a performance bonus of €1,000 has two options to choose from. If they decide to include the amount in their paycheck, they will receive €850 net (€150 will be deducted for tax and pension contributions). On the other hand, if they decide to convert their bonus, no deduction will be applied, and also will be recognized by the company an additional contribution of 20% will be applied. In the end, with reference to the above example, the colleague will have an economic value to use in welfare of €1,200.
MyWelfare is an inclusive platform in line with our Group’s values, designed for simplicity and speed of use. It is also suitable for the visually impaired or blind, and is accessible from any device (pc, tablet or smartphone).