The Ferrari Owners’ Club
of Great Britain

Bonus Not Enough to Buy Luggage – says Telegraph

10-04-2014

[This article, written by Andrew Trotman, first appeared on ‘The Telegraph’ website]

 

Ferrari Bonuses Won’t Even Buy Extras for Car

Ferrari has given its staff record bonuses following a stellar 2013. But, before you imagine its 3,000 employees rushing out to buy top-of-the-range sports cars, the payout won’t even buy them a luggage set for the Italian company’s cheapest vehicle.

Each person will receive a bonus of €4,096 (£3,376), around 20pc of a junior employee’s salary. But while Ferrari chairman Luca Cordero di Montezemolo, who earns an annual salary of €5.5m, can easily buy the entry level Ferrari California at £152,116, his staff can’t even afford some of the car’s extras.

For example, a leather luggage set for the boot costs £3,888; carbon trim for door panels and handles will set them back £3,543; while “historical colours” cost £7,104 – more than double the workers’ bonus.

The bonuses come after Ferrari saw sales grow 5pc to a record €2.3bn last year, while profits jumped 8.3pc to a new high of €363.5m

The company has also vowed to continue limiting the number of cars it makes each year to 7,000 to guard against devaluation.

By contrast to Ferrari, German rival Porsche paid its workers an €8,000 bonus this year.