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Fixed compensation shall represent a sufficiently high share of the total remuneration and be competitive but not leading in the market. Fixed salary is based on the employee’s position in the organization, on the individual performance in that position as well as on other facts, such as market data. Local collective agreements set the framework for salary development for most of the Sampo Group’s employees.
Variable compensation is used to ensure the competitiveness of the total remuneration packages while still keeping the fixed cost base reasonable. Variable compensation can either be based on the contribution to the company’s profitability (short-term incentive programs) or be linked to committing employees to the Group for a longer period of time (long-term incentive schemes).
Pensions are based on collective agreements and/or reflect the conditions in the relevant labor markets. New pension plans shall be of defined contribution nature. Sampo Group strives to close the existing defined benefit pension plans and/or transfer employees into the defined contribution pension plans.
Other benefits reflect the conditions in the relevant labor markets. However, benefits are regularly reviewed in order to reduce costs and improve administrative efficiency.