Ferrari workers to get €5,000 Christmas bonus

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Ferrari workers are set to receive a €5,000 Christmas bonus. Photo: NaotakeMurayama
17:59 CET+01:00
Staff at Ferrari will get a treat in their December pay packet – a €5,000 Christmas bonus.

The bonus was announced by Fiat Chrysler Automobiles (FCA) CEO Sergio Marchionne after shareholders approved the spin-off of the company’s luxury sports car unit, which is expected to take place in January.

Some 2,850 people work for Ferrari, which is based in the northern Italian town of Maranello.

The bonus is a gift to thank them for their work in making the coveted cars as well as to celebrate a successful year.

Ferrari is the biggest and most glamourous name in Formula One racing and the team's logo of a black stallion against a red background is instantly recognised by motorsport fans around the world.

FCA said on Thursday it "will transfer all of the shares held by it in Ferrari N.V. to FE Interim B.V," a newly-formed Dutch company which will issue shares to FCA's shareholders in January 2016.

Marchionne told shareholders that the spin-off was "the start of a new chapter".

It would "allow Ferrari to better realise its potential for future growth and follow its own strategies with greater financial and operational independence," he said.

He said a separation of other brands from the group in the short term was "highly improbable".

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The group sold 10 percent of the legendary carmaker in an initial public offering in October, which valued Ferrari at $10.6 billion (€10 billion).

Fiat Chrysler owned 90 percent of Ferrari before that flotation.

With a heavy debt level and a plan to invest $48 billion to expand its total worldwide sales to seven million vehicles per year, the spin-off is aimed at strengthening Fiat Chrysler's finances. 

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