Porsche Employees Received Bonus despite COVID-19
Earlier this year, Porsche declared 2019 to have been a record revenue year, with vehicle deliveries up 10 percent and sales revenue up 11 percent to €28.5 billion.
At the time, we wondered if Porsche would repeat its habit of rewarding employees with a bonus. In 2019, the company granted employees €9,700 for the record fiscal year it experienced in 2018, just a little more than the bonus it has also granted employees the year before.
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With the COVID-19 pandemic putting a real economic strain on many car manufacturers, we thought it was possible Porsche would skip the practice this year. As it turns out, that wasn’t the case.
This year, Porsche once more paid out a €9,700 bonus to its employees, split between a regular €9,000 payment and a €700 contribution to the Porsche VarioRente pension scheme, just as it had done last year.
“The positive development of Porsche is the result of a great team effort,” Porsche CEO Oliver Blume said in April. “Everyone has contributed to it. Everyone should benefit from it. This year’s voluntary bonus stands for solidarity, as well as tax revenues and purchasing power for the restart.”
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Additionally, Porsche increased its donation volume by €5 million and doubled its expenditure on food donations to food banks to €200K. It also encouraged its employees to support charitable organizations via a special “Porsche air” program, to which the executive Porsche board personally donated €500K euros.
“Solidarity in our society is more important than ever,” Blume added. “Industry, politics, and society: we will overcome the Corona crisis together. Porsche is taking on social responsibility. This is our fundamental philosophy and our understanding of sustainable action.”
It’s nice to see that even during difficult times, Porsche recognizes that the success of the company is dependent on its employees.
Kurt Verlin was born in France and lives in the United States. Throughout his life he was always told French was the language of romance, but it was English he fell in love with. He likes cats, music, cars, 30 Rock, Formula 1, and pretending to be a race car driver in simulators; but most of all, he just likes to write about it all. See more articles by Kurt.