Lenovo Establishes Supplemental Retirement Plan for China Employees
July 5 2006 - 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.
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