ON Semiconductor
2011 UK BENEFITS SUMMARY
Employees are eligible for most benefits programs on the first day of employment.
Public holidays: The employees are entitled to 8 public holidays (1 January, 2 and 5 April, 3 and 31 May, 30 August, 27 and 28 December).
Vacation: The employees are entitled to 26 days of vacation (for a full time employment).
Retirement: The employer sets up a defined contribution pension plan with an employer contribution of 7.2% and an employee contribution of min 5%. The contributions are calculated on the base salary.
Accident Insurance: ON Semiconductor provides employees with the following benefits in case of an accident during a business trip:
• Lump sum of 3x salary payable in the event of accidental death
• Lump sum of 5x salary payable in the event of accidental permanent disability
This insurance is paid for 100% by the employer
Life insurance: A premium (3x year salary) will be paid out to the right holders in the event of death.
Sickness & Disability:
▪ from day 1 until week 13:
o paid full salary less State Offset*
o the employers contribution in the group pension plan is continued (7,2%). Same for the Group Life Insurance
( paid by the employer
▪ from week 14 until week 26:
o paid 66% of salary less State Offset.
o the employers contribution in the group pension plan is continued (7,2%). Same for the Group Life Insurance
( paid by the employer
100% salary less State Offset (the Employment & Support Allowance and the Work Related Activity
▪ from week 27:
o paid 66% of salary less State Offset
o the employers contribution in the group pension plan is continued for 6%.
( paid through income protection insurance
* State offset: the Employment & Support Allowance and the Work Related Activity Component. The value for 2009 was 81,60£/week - after 28 weeks paid by the government (until 52 weeks); before paid by the employer)
Healthcare insurance: the employer provides a healthcare insurance to the employees (paid for 100% by the employer). The employee can include his/her spouse/partner/children at own expense (deducted through payroll).
Car allowance: sales employees (excluding supporting job families) are entitled to a car allowance.
Fuel: Reimbursement for actual business mileage through expense reporting (excl home/work distance)
• 10000 business miles (in the tax year): 25p/mile
Salary: The salary is paid in 12 installments
Bonus: new employees (non-sales) as of grade 12 are eligible to the corporate bonus program. The target payout is a % of the base salary and linked to the paygrade.
Childcare vouchers:
The employee can order for max 55£ vouchers per week (243£/month – 2010). This amount will be deducted through payroll form the gross salary (salary sacrifice)
Conditions to be met:
- the vouchers are for childcare that has the appropriate registrations and approvals
- the vouchers are available to all of your employees
- the children cared for are your employees' children, or children for whom your employees have parental responsibility
- the vouchers cover childcare up to the end of the week containing 1 September following each child's 15th birthday (16th birthday for children with a disability)
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