Lenovo Establishes Supplemental Retirement Plan for China Employees.BEIJING -- At a press conference held in Beijing today, Lenovo Group Lenovo Group Limited, (HKSE: 0992 ) is today the fourth largest personal computer manufacturer in the world, and the largest in the Asia-Pacific region as of 2006. "Lenovo" is a portmanteau of "Le-" (from Legend) and "novo", pseudo-Latin for "new. 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 Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit 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 Noun 1. endowment insurance - life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured 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 HKSE Hong Kong Stock Exchange : 992) (ADR ADR - Astra Digital Radio : 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 (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Personal Computing Refers to users working on their own computers rather than a terminal to a mainframe. Sometimes, the term refers to using computers at home for work and/or entertainment in contrast to business use only. See personal computer. 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 other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. . For more information, see www.lenovo.com. |
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