Ferrari’s plans more hires, bonuses, shares for 2024

The luxury sports car company is looking to hire 250 people in the first half of 2024


Ferrari, the luxury sports car manufacturing company has announced plans to hire 250 people in the first half of the upcoming year. It has also introduced new benefits for employees, including a fresh share-ownership programme and improved bonuses.

This news comes after worker strikes disrupted operations at the Stellantis, GM and Ford plants in North America from September to October. Meanwhile, Stellantis is reducing its workforce in Italy through voluntary redundancy programmes.

Ferrari has revealed that half of the new hires are expected to start in January. The company, with over 5,000 employees primarily in Italy, will launch an employee share-ownership plan in early 2024, starting with its Italian workforce. Every employee will be granted company shares with a maximum value of 2,065 euros ($2,208) at no cost. Those who hold the shares for at least 36 months will get additional shares, up to 15 per cent of the initial value of the allocation.

The use of treasury shares will extend the plan to include Ferrari employees outside Italy. Additionally, Ferrari has reached an agreement with the FIM, UILM, and FISMIC unions to extend a competitiveness award programme for Italian employees from 2024 to 2027.

This annual competitiveness bonus may increase to 17,000 euros, up from 13,500 euros in 2022 and 12,000 euros in 2021. Employees have the option to convert a part of their bonus into Ferrari shares voluntarily, with a maximum limit of 3,000 euros.

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