Home / Knowledge / News / Textiles / Solvay announces two year profit sharing employees plan
Solvay announces two year profit sharing employees plan
02
Jun '15
Speciality chemicals manufacturer Solvay has unveiled a two year profit sharing plan for its employees indexed to the Group's financial and sustainable development performance for 2015 and 2016.

In a press release, Solvay said after the successful termination of a one-year pilot scheme benefiting more than 22,000 employees in 2014, Solvay has now announced this new two-year profit-sharing plan.

“Based on both quantitative and qualitative criteria, it is linked to the achievement of 80 per cent of financial and 20 per cent of sustainable development targets,” it added.

Solvay has allocated an annual budget of €10 million to the plan for 2015, which will be distributed in line with each country's total payroll, with each employee in a particular country receiving the same amount.

Plan beneficiaries are all Group employees in all 51 countries, with the exception of senior executives and French employees who already benefit from an equivalent plan.

"We wanted to introduce a simple value-sharing scheme benefiting everyone,” Cécile Tandeau de Marsac, group general manager human resources at Solvay said.

“This innovative approach allows us to raise the awareness of Solvay employees, whether blue-collar or white-collar employees, to the Group's economic and societal performance,” Marsac added.

"This agreement illustrates our commitment to remunerate our employees in a fair manner, in line with ‘Solvay Way’, our sustainable development policy,” she observed.

"This global agreement is a milestone because it rewards the engagement of the Group's employees worldwide in Solvay's success,” said Albert Kruft, coordinator of Solvay Global Forum which will manage the plan.

“It also represents an important step forward in our social dialogue as it is the result of the first meetings within the Solvay Global Forum," Kruft too added. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

JD.com to invest $3.1 bn to revive industry in NE China

Apparel/Garments | On 22nd Jan 2018

JD.com to invest $3.1 bn to revive industry in NE China

To back the government’s campaign to revitalize the traditional...

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search