At a press conference held in Beijing today, Lenovo
Group announced the establishment of a supplemental retirement plan
for its employees in China. Lenovo is the first Chinese company to
register its corporate pension program with China's Ministry of Labor
& Social Security and one of the first in China's IT industry to
establish a corporate pension program for its employees.
"We are very proud to be among the first to offer leading-edge
retirement benefits to our employees in China," said Ezra Singer,
Lenovo Vice President of Compensation & Benefits. "This is a key
milestone for our China employees and marks the continued evolution of
Lenovo as a truly world class global organization as well as the
strong relationship and deep commitment we have to our employees
worldwide."
Lenovo's supplemental retirement program for its China-based
employees is a defined contribution plan, funded by joint
contributions from both the Company and its employees. It is unique in
China for two reasons: first, Lenovo provides additional payments
based on each individual employee's years of service with the Company;
and second, the amount of company match is based on Lenovo's
performance and its achievement of certain financial goals.
Mr. Singer added, "The key to Lenovo's success has been - and will
continue to be - our employees. The unique structure of this new plan
places a focus on employee retention while emphasizing Lenovo's
existing high performance culture. We believe it will further enhance
our employees' commitment to Lenovo while helping us attract and
retain the best talent in the IT industry."
Lenovo has selected corporate pension service providers Ping An
Endowment Insurance Company, China Merchants Bank and Harvest Fund
Management Company Ltd. to serve as trustee, custodian and investment
manager, respectively, of the new plan.
About Lenovo Group Ltd.
Lenovo (HKSE: 992) (ADR: LNVGY) is dedicated to building the
world's most innovative personal computers. Lenovo's business model is
built on innovation, operational efficiency and customer satisfaction
as well as a focus on investment in emerging markets. Formed by Lenovo
Group's acquisition of the former IBM Personal Computing Division, the
company develops, manufactures and markets reliable high-quality,
secure, and easy-to-use technology products and services worldwide.
Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai
and Shenzhen, China; and Raleigh, North Carolina. For more
information, see www.lenovo.com.
