Those hired after the beginning of the annual plan year will receive a prorated number of Units based on date of hire. Payouts are made on an annual basis. This bonus program is designed to compensate key employees for their influence on achieving organizational objectives, as well as their individual performance. The payout from this annual bonus plan is targeted to provide a competitive reward to employees for their contributions. Key technical and support employees are nominated for options of Philips Stock on a quarterly basis.
Strike price is determined quarterly and options can be exercised after three years.
This program provides employees voluntary and confidential referrals for counseling services. The program offers two free counseling sessions, for assessment and referral, per year to you or any eligible dependent. Philips provides educational assistance for employees through a tuition reimbursement plan. Philips Electronics North America awards college scholarships to graduating high school seniors who are children of Philips employees and retirees. Awards are made on basis of academic and personal achievement, as well as financial need.