Further EUR 3,000 bonus payment for each Porsche AG employeeExecutive Board and Group Works Council reach agreement:
Stuttgart. Against the backdrop of the positive earnings situation at Dr. Ing. h.c. F. Porsche AG, Stuttgart in the 2003/2004 financial year, the Executive Board and Group Works Council have again decided to issue a bonus payment. Accordingly, each full-time Porsche AG employee who joined the company before August 1, 2003 will receive a sum of EUR 3,000, in addition to the Christmas bonus which exceeds the level agreed in collective bargaining. This is the same amount that was paid in the last financial year. A figure of EUR 520 has been agreed for trainees and apprentices. Employees will receive their bonuses with the next payment of their wages/salaries. A company agreement to this effect will be signed in the next few days. About the figures for the employees of Porsche subsidiaries (such as Porsche Leipzig GmbH) has not been made a decision yet.
Furthermore, the Executive Board and the Group Works Council have agreed that Porsche will continue to invest in its successful partial retirement model, which currently is limited to July 31, 2005. Both sides will take up negotiations to extend the Porsche partial retirement program over the coming weeks.
Harro Harmel, Personnel Director at Porsche AG commented, "With the bonus payment that has now been agreed, the Executive Board would like to express its thanks and recognition for the outstanding performance of all employees and their flexibility in respect of change. At the same time, management anticipates that the work force will continue to display a high level of flexibility in the future."