Enel, made-to-measure welfare
Study vacations, sports, culture, health, family and leisure services. Important news are awaiting Enel employees starting from June. In fact, based on the 2017 Budget Act, whoever has an income not exceeding €80,000 a year can convert part of their profitability and productivity bonuses into welfare goods and services, with tax-related and financial benefits.
The provision became operational following the trade union agreement signed on 27 March 2017, which introduced the possibility of converting up to 50% of premiums into welfare services, or an even greater share whenever the conversion is allocated to a supplementary pension. The unconverted share will be paid with the July salary. In addition, Enel recognises an individual surcharge for bonuses converted and earned in Welfare equivalent to 12%.
The financial benefits are obvious. For example, a performance bonus of €1,000 would mean receiving 800 euros as net income, while 200 euros would end up as contributions and taxes. Whereas, should the premium be converted into welfare goods and services, the net amount would rise to €1,120, approximately 40% more than the value of the bonus in cash, net of contributions and taxes.
A win-win operation: the spending spin of employees increases, while Enel improves the satisfaction and motivation of its employee.
“The benefits consist in a better corporate environment, a greater sense of belonging and the possibility of additional spending, because all the sums are de-taxed and allow workers to have an increased availability of economic resources through a reduction of the tax wedge”
– Filippo Contino, Enel’s Head of Industrial Relations Italy
The project has its own interactive portal, MyWelfare, accessible from all devices (PCs, tablets, smartphones) in the specific section, within the ‘My Enel’ area of the corporate Intranet. From the platform it will be possible to decide on the conversion and manage the ' Welfare Credit' choosing among various services, including the ones offered by ARCA, FISDE and FOPEN, with which the portal is integrated.
Expenses for the education of children and assistance of elderly or not self-sufficient relatives will be reimbursed. Whereas other goods and services - such as fringe benefits (petrol, supermarket or shopping vouchers), recreational, training sports (for example the gym), can be accessed through the direct conversion of the "Credit Welfare", following agreements with a network of selected suppliers or through a personal, non-transferable and non-convertible voucher. The portal also accepts suggestions on new facilities or entities with which to sign new agreements.
Finally, the deadlines. The choice to convert shares of profitability and productivity bonuses into ' Welfare Credit ' by specifying the value can be made from 14 June to 7 July. While from 24 July to 30 November it will be possible to view the converted credit and actually use it in goods and services.