In this chapter:
The Volvo Group aims to be a competitive and attractive employer. Remuneration and benefits are important drivers, as are career opportunities, personal development, culture and values, leadership, company performance and reputation. Equal pay for work of equal value is the guiding principle. Individual salaries are based on position, the market and the employee’s performance, and comply with the salary practice in each country.
As stated in the Code of Conduct, the Volvo Group shall comply with applicable laws, agreements and industry standards on working hours and compensation.
In addition to fixed salaries and variable remuneration, other customary benefits are usually offered such as pension plans, health plans, company cars or car allowances, recreation facilities, insurance and so forth. The benefits programs are country-specific. The purpose of the benefits programs is to:
Offer total remuneration packages relevant to the specific country and employee category
Offer basic protection through insurance arrangements for areas such as sickness benefit and pensions.