Recognition and rewards have been identified as important engagement drivers for our employees and direct suppliers. By ensuring good working conditions, Signify provides a fair, safe, and respectful environment, and an inspiring place to work and grow. We consider fair remuneration a precondition for our employees to flourish. Our company policy is to offer remuneration that meets or exceeds the provisions of all applicable wage laws, including those relating to minimum wages, overtime hours and legally mandated benefits.
Additionally, Signify launched its Living Wages program in 2017. Every two years, Signify analyzes the salaries and benefits of employees globally with respect to living wages, covering the necessary living costs. We compare our living wages to the WageIndicator Foundation database. In 2019, Signify performed an analysis that showed that company standards exceed the living wage standards in all countries examined (such as the Netherlands, China, or India).